CandleFocus

Bitcoin Is Only 9% From All-Time High, But a Reversal Might be Incoming

Author: Content Editor
Bitcoin's price has surged to a near three-month high, bringing it closer to its all-time high. However, the presence of large whale transactions and substantial profits suggest a possible market drawdown. Santiment's data shows a significant increase in whale transactions, raising concerns about a potential price correction. Bitcoin's dominance in social media discussions has grown, indicating a shift in attention away from altcoins and potentially signaling market volatility. Additionally, 95% of Bitcoin's circulating supply is in profit, a statistic historically associated with market tops. Bitcoin is currently trading near the critical $68,000 resistance level and is on the verge of breaking out of a descending wedge pattern. A breakout could fuel a rally, but past patterns suggest it may not be sustained. Without necessary momentum, Bitcoin may struggle to break its all-time high.

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