Analysis: Bitcoin Profit-Taking Suppresses Bull Market Progress, Whale Accumulation Slows
Analysts warn that if Bitcoin fails to hold the previous all-time high of December 2024 at the upcoming weekly close, the market may face a "deep correction." Bitcoin's price has fallen below the support level first reached at the end of 2024, with current resistance mainly stemming from profit-taking activities, which are suppressing the bull market process. The latest report from CryptoQuant points out: "Some Bitcoin demand indicators may be reaching a short-term peak, possibly indicating a pause in the current rally. The estimated Bitcoin demand growth over the past 30 days is 229,000 coins, close to the previous high of 279,000 coins set in December 2024, while the whale holdings have increased by 2.8% in recent months, a growth rate that often signals a slowdown in whale accumulation behavior. When the price is at $111,000, the unrealized profit averages over 30%, which also suggests that the rally may pause."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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