Despite facing macro, maturity, and month end pressures, Bitcoin bulls remain above $34000. Traders are predicting whether the uptrend will continue or weaken as they attempt to determine market direction in a bullish rebound
Despite facing macro, maturity, and month end pressures, Bitcoin bulls remain above $34000. Traders are predicting whether the uptrend will continue or weaken as they attempt to determine market direction in a bullish rebound. After a 30% increase this month, BTC prices have mainly fluctuated between $34100 and $34900 this week.
Bitcoin prices may experience a correction: CryptoQuant
Julio Monero, the head of CryptoQuant research, pointed out in an article on X that after the recent rise in Bitcoin prices, there have been two significant developments on the chain, indicating a pause consistent with the rise in Bitcoin prices.
He stated that short-term holders are selling Bitcoin at a profit of 6%, which is the highest profit margin since April. It shows short-term holders taking profits as BTC prices hit a monthly high of $35150 this week.
In addition, the daily expenditure of whales has reached its highest level since June. The larger whales are transferring their holdings of Bitcoin. The WhaleAlert report states that with the sudden surge in BTC prices above $35000, a large number of BTCs have transferred to the cryptocurrency exchanges Coinbase and Binance this week.
BTC price enters a callback
TraderSkew pointed out that Bitcoin holdings (OI) are very stable, with "little or no significant recovery". BybitOI has increased by approximately 8KBTC. However, CryptoTony believed that BTC prices would hit resistance levels around $36000 and refused.
The BTC price has increased by 15% this week, currently at $34100. The lowest and highest 24-hour prices are $33416 and $34238, respectively. In addition, trading volume has decreased by 18% in the past 24 hours.
The Federal Reserve's preferred measure of inflation, the core PCE, has cooled to 3.7%, but due to high energy prices, the core PCE has increased month on month.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
