Bitcoin (BTC) recently came close to hitting a new all-time high (ATH) during the inauguration of pro-crypto U.S. President Donald Trump. But just as quickly as it surged, Bitcoin closed Monday with a shooting star candlestick pattern—a signal that things might be about to change. After an impressive run-up since January 2023, the market is now showing signs of a possible reversal. Trouble in paradise?
Amid rising volatility, over $638 million was liquidated in the leveraged crypto market, with most of the liquidations coming from long traders. This sudden price movement has increased the likelihood of a long squeeze, which could further fuel bearish sentiment in the near future.
As Bitcoin enters price discovery in 2024, it is approaching the distribution phase—a period that often marks the start of a macro bear market. Market analyst @Htltimor, commenting on the X platform, believes Bitcoin has completed the parabolic phase of the 2024/2025 bull cycle, and the distribution phase is now beginning.
As a result, the crypto analyst thinks that Bitcoin price will continue in bearish sentiment towards $85k in the coming months, thus kickstarting the multi-quarter accumulation phase in preparation for the 2028 halving.
On the supply side, Coinglass data shows that Bitcoin’s availability on centralized exchanges has continued to decline, with only about 2.19 million BTC remaining. The approval of spot Bitcoin ETFs in the U.S. has played a major role in boosting the bullish sentiment around Bitcoin.
Led by big players like BlackRock’s IBIT and Fidelity’s FBTC, U.S. spot Bitcoin ETFs have accumulated over $120 billion in total assets. Meanwhile, MicroStrategy Inc. (NASDAQ: MSTR) continues to increase its Bitcoin holdings through leveraged investments in global markets.
With volatility at its peak, the next few months will be crucial in determining Bitcoin’s story.
Anthony Pompliano’s ProCap BTC has acquired 3,724 Bitcoin for about $387 million to strengthen its…
Chainlink (LINK), an established decentralized oracle network, has announced a strategic partnership with Mastercard Inc.…
The crypto market’s been volatile lately and XRP is no exception. Over the weekend, as…
The XRP community is as fiery as ever, with price debates, predictions, and arguments lighting…
China-based Web3 firm Nano Labs is making a daring move by targeting Binance Coin (BNB).…
Bitcoin’s price held $105k in support on Tuesday, with reduced geopolitical tensions in the Middle…
