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Although Bitcoin (BTC) seems to have stopped in the mid -100,000 dollar range, the data on the series indicates that the upper momentum of the upper currency has not yet ended. BTC has recently reached the highest new level (ATH) of $ 111,980, prompting many encryption analysts to predict high -term prices.
The data indicates that bitcoin is far from completing
According to Cryptoquant Quicktake Post recently by Crypto Dan, Bitcoin is still “very likely” to continue its upward path. Bitcoin Net Resconder/Loss (NRPL) planned to support these expectations.
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The NRPL scheme highlights the size of the profits and losses achieved by the market participants who sell BTC. NRPL is usually relatively low while increasing prices indicates that achieving profits is limited, which often indicates the continued bullish direction.
In the graph, the current level of profit is highlighted in the largest red box. While increasing the recent prices may lead to a short -term correction, the extent of the achieved profits does not indicate the end of the continuous upscale cycle. Dan also noted:
Compared to the NRPL mutations in the peaks of the previous cycle, this round of profit is relatively limited. In particular, compared to the movements in the highlands in March and November 2024, the current level of profit is significantly lower.
Dan concluded that the current level of profit does not indicate the reflection of the main direction. Instead, Bitcoin is preparing to continue climbing, which is likely to target levels exceeding $ 120,000 in the coming weeks.
Despite optimism, some market monitors are still cautious. The pollinated encryption analyst Ali Martinez recently suggested that the current bitcoin procedure may be a bull trap, as BTC is at risk of declining in the minimum value of $ 100,000.
For beginners, the bull trap indicates how long the original collapses for a brief period above a firm resistance scope, pushing traders to believe that the occurrence of an outbreak happens, but then reflects and retracts the level of resistance. This step is often turned on to seduce long situations before filtering as the price returns to the previous domain.
Bitcoin selling pressure is weak, and the retail has not yet arrived
In a more positive, multiple note Indicators on the series It indicates that Bitcoin has not yet approached the top of the course. It is worth noting that the participation of the retail investor in the current gathering remains limited – A sign that the market may still have a second wave field of capital flow.
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Likewise, Binance flow data shows that some investor groups are not keen to sell BTC, perhaps anticipation Other gains. At the time of the press, BTC is trading at 105,659 dollars, a decrease of 2.5 % over the past 24 hours.
Distinctive image from Unsplash, charts from Cryptoquant, X, and TradingView.com
The post Bitcoin Upward Momentum ‘Highly Likely’ To Continue, On-Chain Data Shows first appeared on Investorempires.com.
