Bitcoin is currently taking a breather after its spectacular surge to a whopping $111,880, but hold your wallets tight! The trend is now testing the waters with some profit-taking antics that could shake things up.
Recent reports from Bitfinex Alpha shine a spotlight on the impressive demand and the steady influx of ETF investments that catapulted BTC from its April lows. Just when we thought everything was going smoothly, President Trump's tariff threats tossed a wrench into the machinery, sending the price south of the $107,000 mark in a flash.
This dip might just be the market's way of sipping tea and regrouping. As traders shed their aggressive bets, open interest dipped, hinting that cooler heads are prevailing. The market seems poised for a period of sideways action, which isn’t necessarily a bad thing. It could flush out the extra leverage and allow genuine demand to take charge.
But beware! With the recent profit-taking and the so-called 'overhead supply glut,' we could see the momentum stall if fresh inflows don’t start rolling in. The trading range appears to be set between last week's low of $106,000 and that tantalizing $111,000 ceiling.
Despite boasting seven consecutive weeks of gains— the longest in a while— it looks like some heavy distribution might be ahead. The profit-taking party has been quite a show, with short-term holders raking in about $11.4 billion recently. That’s a great night out, but it raises some eyebrows too, especially considering the STH Realized Profit/Loss Ratio is climbing into territory we usually associate with market peaks.
As we look ahead, the fate of Bitcoin could very well depend on macro events and the anticipated tariffs. So, stay sharp, crypto enthusiasts! This rollercoaster ride is far from over.
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⚠️ Disclaimer: This analysis is for informational purposes only and should not be considered financial or investment advice.
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