One of the most respected on-chain analysts believes that Bitcoin is nearing a pivotal point and could be just one major move away from indicating bull market exhaustion.
Pseudonymous Analyst Checkmate informs his 114.800 followers via the social media platform X, that Bitcoin faces heavy selling pressure based on current levels based upon its heatmap. This is a visual tool which shows the stacking of buy and sell order in the orderbook.
Bitcoin is moving through an extremely dense cluster of supply between $93,000 to $100,000.
“Pretty much the blue sky above $100,000.”
The analyst believes that Bitcoin bulls must step up, and eat up all of the pressure from sellers up to $100,000. BTC may print a lower-high structure that is bearish and could signal the end of the bull market.
“We’re right at a pivotal point and it only takes one large red or green candle to convince the public of either a bull or lower high.”
Checkmate’s chart shows hundreds of thousands BTC are in the red as Bitcoin struggle to rise above $95,000.
Analysts also say that current hesitation could be a sign of trend fatigue.
Checkmate reports that demand for Bitcoin ETFs remains high, despite the fact that it may appear that sellers are in control above $95,000.
The cumulative inflows to Bitcoin ETFs has reached a new ATH (all time high) of 40.62 billion dollars.
Bitcoin currently trades for $94,816.
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The post Bitcoin Analyst: One big red candle away from signaling that bull market is over – His outlook may change as new information becomes available.
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