Is Bitcoin About to Pull a Fast One? 🚨💰

by

Ah, Bitcoin, that capricious creature of the digital realm! It dances tantalizingly before the eyes of investors, like a mirage in the desert, struggling to maintain its lofty perch above the $100K mark. One might wonder if it is merely a jest, a fleeting whimsy, poised on the precipice of a correction that could send it tumbling back to earth.

Technical Analysis

By Edris Derakhshi (TradingRage)

The Daily Chart

Behold the daily chart, a tapestry woven with the threads of higher highs and lows, as Bitcoin rebounded from the depths of $92K. Yet, despite its audacious breach of the $100K barrier, it falters, like a tightrope walker in a gusty wind, struggling to conquer the formidable $108K resistance. Should it lose its grip on the $100K ledge, a swift descent back to the $92K abyss may be in the cards.

The 4-Hour Chart

Now, cast your gaze upon the 4-hour chart, where chaos reigns supreme! The price action resembles a wild dance, choppy and unpredictable, following a bullish breakout from the $100K level and the enigmatic falling wedge pattern. The $108K resistance zone has cast a shadow over our brave asset, sending it scurrying back toward the $100K threshold. The RSI, that fickle friend, has dipped below 50%, hinting at a potential collapse of the $100K fortress and a deeper plunge into the unknown.

On-Chain Analysis

By Edris Derakhshi (TradingRage)

Bitcoin Exchange Netflow

As Bitcoin frolics at unprecedented heights, a curious phenomenon emerges when we scrutinize the short-term holder SOPR. This metric, a barometer of realized profits for those who have clutched their BTC for less than six moons, reveals a startling truth. The STH-SOPR has plummeted in recent weeks, suggesting that the short-term holders have already pocketed their gains. A silver lining, perhaps? This could herald a tightening of supply, setting the stage for a potential price surge in the weeks to come.

Read More

2025-01-23 16:08