Analytics platform Swissblock sketches the path ahead for Bitcoin (BTC) in the midst of stiff resistance at a level just below the all time.
According to For SwissBlock, Bitcoin is “gets under $ 110,000” and the upward trend is now under pressure because a wide trading range seems to be created between the resistance level and a price of $ 100,000.
“Consolidation can take, but one thing is clear: no outbreak without strong basic principles.”
Bitcoin acts at $ 104,447 at the time of writing, about 7% below the all time of just under $ 112,000 that was reached last month.
Swissblock had earlier in the week warned That a failure of Bitcoin to break out in the midst of a lack of new investor flows can lead to a double top.
A double top is an extremely bearish technical reversal pattern when the price of an active two consecutive peaks forms, an indication that there is a strong resistance level that the price cannot pass.
According to Bitcoin Vector, a joint report from Swissblock and on-chain analyst Willy Woo, the BTC liquidity has been lower in recent days, an indication of falling volume levels, a decreasing number of transactions and reduced activities.
But Bitcoin Vector out A further correction is unlikely.
“This is the interesting part: network growth remains stable, participants do not leave the market.
This is in line with an important point of Bitcoin Vector: taking a profit remains low, which means that the sales pressure is limited. “
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Generated image: midjourney