Bitcoin pauses under $ 110,000, while analysts expect a consolidation phase
Bitcoin is about to head ahead shortly before his all -time high, and analysts from Swissblock warn that a breakthrough is not to be expected at least for the time being.
According to information BTC seems to be set between the $ 100,000 mark and a resistance line just below $ 110,000 between the $ 100,000 mark. They describe the current price development as “standstill” and add that each movement would require a new thrust of fundamental dynamics beyond the current area.
At the time of the creation of this article, Bitcoin is traded at around $ 105,500 – about 7% below the highest level of the last month at just under $ 112,000.
Not a clear outbreak without fuel
Swissblock warned at the beginning of this week that the lack of new capital that flows into the market increases the risk of a double-top formation, a technical pattern that often signals an upcoming reversal.
At the same time, a joint report with the analyst Willy Woo, entitled “Bitcoin Vector”, showed that although the transaction volume and liquidity decrease, the network remains generally stable.
The report emphasized three important points:
- The liquidity has decreased, with fewer transactions and lower volume.
- Nevertheless, network activity has remained stable, which indicates that the trust of the users is unbroken.
- The profit treatment remain limited, which means that the sellers do not flood the market.
According to Swissblock and Woo, this combination indicates that Bitcoin could remain within a narrow range for the time being, but a severe decline is unlikely – at least until the mood or fundamental data changes more clearly.
