Bitcoin Soars To Record High Above $116K
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Ripple USD just took a giant leap toward mainstream financial dominance, with institutional backing and regulatory clarity setting the stage for explosive global adoption. RLUSD Highlights Regulatory Trust in Global Finance Evolution Stablecoins are gaining ground as trusted financial instruments, with major custodial partnerships pointing to a broader institutional shift in how digital assets are […]
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Chart showing BTC/USDT As Bitcoin breaks its all-time high again and Ethereum begins to show meaningful rebound trends, the market's focus naturally shifts to the anticipation of whether the altcoin market will now catch fire. However, one must remember that the market's structure operates in contexts beyond mere price rises. The phenomenon known as altseason…
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Bitcoin (BTC) reached a new all-time high (ATH) yesterday, climbing to $111,999 on Binance exchange before dipping slightly to around $110,000 at the time of writing. While the broader trend remains bullish, some analysts now anticipate a short-term pullback. Bitcoin Remains Bullish But Some Pullback Expected According to a recent CryptoQuant Quicktake post by contributor BorisVest, early warning signs suggest that BTC may face a brief correction. The analyst noted that if momentum doesn’t pick up soon, Bitcoin could struggle to maintain its bullish trajectory. Related Reading: Bitcoin Heating Up? NVT Golden Cross Hints At Potential Local Top Binance taker buy/sell volume has shown a noticeable spike in aggressive buy orders – usually a bullish signal – but sell volume has also risen in tandem, effectively absorbing most of the demand. Despite this uptick in buy volume, BTC’s price has not responded proportionally, suggesting distribution or selling pressure. For the uninitiated, Binance taker buy/sell volume measures the amount of aggressive buying versus selling on the exchange using market orders. A higher taker buy volume indicates strong buyer interest, while higher taker sell volume signals stronger selling pressure. In addition, Binance open interest has surged during the recent price rally, signalling an influx of leveraged positions. While rising open interest can support further gains, the subdued price reaction raises concerns about Bitcoin’s short-term strength. Meanwhile, funding rates have stayed mostly neutral throughout the rally. However, the most recent push to a new ATH saw BTC’s funding rates turn slightly positive, hinting at increasing long exposure and renewed bullish sentiment. The breakout also triggered significant short liquidations, likely fuelling a short squeeze. Data from Coinglass shows that over the past 24 hours, $521 million in positions were liquidated – $448 million of which were shorts. Market Needs A Breather Before Climbing Higher Concluding, the CryptoQuant contributor noted that despite the emerging signs of caution, Bitcoin’s overall bullish structure remains intact. However, the market is now seeing the early signs of a potential short-term pullback, especially due to the spike-driven nature of the move. Related Reading: Bitcoin Realized Dominance Signals Weak Hands Capitulating, Strong Hands Rising Other analysts share a similar outlook for BTC. For example, crypto analyst Christian Chifoi suggested that the current price action may be a deceptive move designed to trap bullish traders – potentially pushing BTC down to $97,000 before the final rally begins. That said, the recent weakness observed in the US Dollar Index (DXY) has fuelled hopes for a capital reallocation to alternative assets, including BTC. At press time, BTC trades at $110,885, up 1.1% in the past 24 hours. Featured image from Unsplash, charts from CryptoQuant and TradingView.com
Bitcoin soared to a fresh peak of $117,000 on Thursday, climbing 4.2% against the U.S. dollar. Meanwhile, the meme coin market caught a tailwind of its own, bouncing 15.1% higher to hit $68.68 billion. Meme Coin Market Erupts as Traders Chase the Next Viral Moonshot The past 24 hours have been a green wave for […]
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Bitcoin is primed for an explosive rally into 2025 as institutional demand, monetary easing signals, and fiscal instability converge to push prices toward $180,000. $180K Bitcoin in Sight? Vaneck Insider Signals a Perfect Storm Into 2025 Rising institutional interest, fiscal instability in Washington, and dovish monetary expectations are combining to lay the groundwork for a […]
Bitcoin’s price action has shown intense strength in recent days to finally bounce fully from the weakness in late June. After briefly dipping into the low $108,000 range in the past 24 hours, Bitcoin managed to surge to a new all-time high of $112,022. According to data from Coinglass, this move was enough to cause over $470 million in short liquidations across the crypto market. Bitcoin’s latest price behavior has sparked a shift in sentiment and aligns with the argument that the window for shorting may have officially closed. According to crypto analyst CrediBULL Crypto, it is now effectively “illegal” to short Bitcoin. New Bitcoin Impulse May Have Already Started Taking to the social media platform X, crypto analyst CrediBULL Crypto noted that it is now illegal to short Bitcoin. This comment comes alongside a 24-hour period of intense price activity, with on-chain data showing a trading volume of $60.15 billion. Related Reading: Institutions Buy Bitcoin In Record Numbers, But Why Is Price Still Below $111,900 ATH? CrediBULL Crypto posted a detailed chart and technical analysis on X, explaining why he believes shorting Bitcoin is now a dangerous strategy. Notably, his analysis is based on the Elliott Wave count on the 8-hour candlestick timeframe chart. His previous wave analysis reflects two possible scenarios. The first involves a brief rejection above $110,000 followed by a corrective pullback toward the $102,000 zone, an area he highlighted as a key daily demand level. The outcome would be a sideways consolidation before the next major upward impulse. However, he has since acknowledged that Bitcoin may have already begun its next major leg up, which is the second scenario. This scenario bypasses the corrective phase in the first scenario entirely. As the analyst phrased it, “there is a non-zero chance that the next impulse up has already begun.” In either scenario, CrediBULL’s commentary stresses that the downside from current levels is limited, and shorting Bitcoin now is equivalent to fighting strong upward momentum. Why Shorting Bitcoin Now Is A Dangerous Bet It’s now illegal to short Bitcoin. Not in the literal legal sense, but because Bitcoin’s current structure no longer supports bearish bets. The current setup is one of a continuation above $111,000 in the coming days. If Bitcoin does clear the $111,000 to $112,000 range with enough conviction, it would confirm a vertical rise into wave 3 of a new Elliott impulse cycle. Related Reading: Bitcoin Price To See 52% Increase To $166,000, Analyst Reveals Tight Timeline Interestingly, the price target for this Wave 3 is around $130,000. A correction may follow from that level to form an impulse Wave 4 before Bitcoin enters another strong bullish leg. Then, finally, the most bullish scenario places Bitcoin on a final Wave 5 movement to $150,000. At the time of writing, Bitcoin is trading at $111,270. The downside is currently limited, and the focus now should be on identifying long opportunities rather than attempting to short what may be the early stages of another explosive rally. Featured image from Pixabay, chart from Tradingview.com