After reaching a peak of $124,000, bitcoin's price retraced approximately $10,000, landing between $114,000 and $115,000. This represents a 7.8% retracement, considered normal for bitcoin. Major support levels remain intact. Long-term holders are accumulating more bitcoin, anticipating future price increases. Although ETF inflows have slowed, suggesting reduced institutional demand, this may not indicate a market reversal. Negative funding rates have emerged, suggesting traders are positioned against bitcoin, which historically coincide with local bottoms, indicating a potential continued bullish trend.
The bitcoin price retraced nearly $10,000 after reaching a new all-time high of $124,000, dropping to the $114,000-115,000 range, a 7.8% decline.
Long-term holders are increasing their bitcoin supply, indicating they expect higher prices in the future despite current market stagnation.
Institutional ETF inflows have slowed, indicating a deceleration in fresh capital. Sustained demand will be essential for the next phase of the bitcoin rally.
Negative funding rates generally precede sharp rebounds in bitcoin price, suggesting that the current bull market may still continue.
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