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Bitcoin (BTC) has gone up by 12.2% in the past month and currently sits at $105,453 as the market has cooled down after making a new all-time high.
Tensions between the Trump administration and China over tariffs, technical indicators hitting extreme levels, and weaker-than-expected economic data in the U.S. have rattled investors a bit in the past couple of weeks.
Also read: Best Cryptos with The Most Potential
Meanwhile, the Fear and Greed Index, a market sentiment gauge, has dropped from a local high of 75 (Extreme Fear) to 56 at the time of writing, meaning that investors have now adopted a more cautious approach as the macro backdrop is once again a cause of concern.
Open interest has declined in the past few days from a peak of $80 billion back on May 22, when BTC made a new all-time high, to $71.4 billion as of toda. It seems that traders have either cashed out of their long positions upon hitting this milestone or were wiped out during the latest downturn.
The market may have gotten ahead of itself in just a month and may need a strong pullback to raise the necessary liquidity for its next leg up.
Bitcoin Breaks Ascending Price Channel and Could Reverse to Its Mean
Looking at BTC’s daily chart, the price action has broken an ascending price channel that had formed in the past month as a result of the token’s rally.
Now, a change of character has occurred after BTC dropped below the $106,500 level. This means that the token’s uptrend has now reversed.
To confirm this bearish movement, the price should retest this former support from below. This happened a few days ago and the move was greeted with strong selling pressure.
The token’s short-term exponential moving averages (EMAs) are also getting closer to each other, meaning that the price action could be entering a stage of consolidation.
This rejection could anticipate an upcoming ‘mean reversion.’ The 200-day EMA is the most relevant moving average to watch at this point. Usually, this indicator acts as a magnet for the price after strong rallies and downturns.
This implies a 13% downside risk from current levels. For long-term investors who believe in Bitcoin’s potential to make a new all-time high in the future, such a pullback would give them the chance to scoop up the token at a more decent price.
Once Bitcoin has raised fresh liquidity from late buyers who would like to participate in the recent rally as well, the price will likely recover to retest this latest all-time high.
Recently, the top crypto got as close as it has ever been to unlocking the first milestone of BTC Bull Token (BTCBULL).
This is a new crypto presale that offers investors a different way to make passive income and profit from Bitcoin’s ongoing push to higher highs.
BTC Bull Token (BTCBULL) Rewards Investors with Token Burns and Airdrops
BTC Bull Token (BTCBULL) is a fun way to profit from Bitcoin’s rally. This meme coin has introduced an innovative rewards system tied to the performance of the top crypto.
Starting at a baseline price of $100,000, a new reward will be unlocked for every $25,000 that BTC adds to its price.
The first milestone is set at $125,000. Upon hitting that mark, a portion of BTCBULL’s circulating supply will be burned automatically.
Next up, once the price reaches $150K, BTCBULL holders will receive a direct airdrop of Bitcoin tokens.
These actions are enforced and will be executed automatically through smart contracts that have been audited by two blockchain security firms – Solid Proof and Coinsult.
To buy $BTCBULL at its discounted presale price, head to the BTC Bull Token website and connect your wallet.
You can either swap USDT or ETH for this token or use a bank card to invest.
