Swissblock, an analytics platform, has outlined the future path for Bitcoin (BTC), despite stiff resistance just below its all-time highest level.
Swissblock reports that Bitcoin has “stalled below $110,000”, and now the upward trend of the currency is under stress as it appears a wide trading range is forming between the resistance and $100,000.
Bitcoin’s price is $104,447 as of the time of this writing. This is around 7% lower than its all-time record high, which was just below $112,000 last month.
Swissblock warned earlier in the week that Bitcoin’s failure to breakout amid lack of new investor flow could result in a double top.
Double-tops are a technical pattern that is extremely bearish. They occur when an asset’s price forms two successive peaks. This is an indicator that the price cannot break through a very strong resistance.
Bitcoin Vector is a report jointly produced by Swissblock, Willy Woo and the on-chain analysts. It shows that BTC’s liquidity trend has decreased over the last couple of days. This indicates a decline in volume, transactions, and activity.
Bitcoin Vector, however, says that a second correction is highly unlikely.
The Bitcoin Vector’s key message is that profit-taking has remained low. This means the selling pressure on Bitcoin remains limited.
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This article Analytics Platform Warns Bitcoin Is “Stalling” Below Major Resistance, Says That Breakout Will Not Happen Until These Things Happen appeared first on the ICD.
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