Analytics platform Swissblock is outlining the path forward for Bitcoin (BTC) amid stiff resistance at a level just below the all-time high.
According to Swissblock, Bitcoin is “stalling below $110,000” and the upward trend is now under pressure as a broad trading range appears to form between the resistance level and a price of $100,000.
“Consolidation may last, but one thing’s clear: No breakout without strong fundamentals.”
Bitcoin is trading at $104,447 at time of writing, around 7% below the all-time high of just under $112,000 reached last month.
Earlier in the week, Swissblock had warned that a failure by Bitcoin to break out amid a lack of fresh investor flows could lead to a double-top.
A double-top is an extremely bearish technical reversal pattern formed when the price of an asset forms two consecutive peaks, an indication that there’s a strong resistance level that the price is unable to pierce through.
According to Bitcoin Vector, a joint report by Swissblock and on-chain analyst Willy Woo, BTC liquidity has been trending lower for the past couple of days, an indication of falling volume levels, a declining number of transactions and reduced activity.
But Bitcoin Vector says a further correction is unlikely.
“Here’s the interesting part: network growth remains stable, participants are not leaving the market.
This aligns with a key point from Bitcoin Vector: profit-taking remains low, meaning selling pressure is limited.”
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The post Analytics Platform Warns Bitcoin Is ‘Stalling’ Below Major Resistance Level, Says Breakout Won’t Happen Until This Happens appeared first on The Daily Hodl.
Analytics platform Swissblock is outlining the path forward for Bitcoin (BTC) amid stiff resistance at a level just below the all-time high. According to Swissblock, Bitcoin is “stalling below $110,000” and the upward trend is now under pressure as a broad trading range appears to form between the resistance level and a price of $100,000.
The post Analytics Platform Warns Bitcoin Is ‘Stalling’ Below Major Resistance Level, Says Breakout Won’t Happen Until This Happens appeared first on The Daily Hodl. Bitcoin, BTC, News
This articles is written by : Nermeen Nabil Khear Abdelmalak
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