Ah, Bitcoin—our dear, unpredictable, mischievous little cryptocurrency. It seems that after its gallant leap to $123K, it has decided to pause, breathe, and maybe grab a cup of coffee. This break, or as we might call it, a ‘profit-taking moment,’ has left many of us wondering if this is the calm before the storm. Will it retreat to the much-discussed $111K support, or is it just taking a breather before shooting for the stars again?
Now, don’t get too comfortable just yet. The market is full of tricks, and our dear BTC might just surprise us. We shall wait and see, my friends, but it seems like the $111K zone is calling out like an old friend who hasn’t been visited in a while. A rather charming old friend, don’t you think?
Technical Analysis
By Shayan (yes, we must acknowledge the wisdom of Shayan in such matters)
The Daily Chart
Bitcoin, in all its glory, managed to break the previous all-time high at $111K, sparking a frenzy of short squeezes and jubilant cheers from the traders. And then, as if taking a quick breather from all the excitement, BTC touched $123K, cementing its place in the crypto hall of fame.
But alas, the rise was not eternal. Now, a period of sideways consolidation has set in. The market seems to be taking a collective sigh, as sellers start to flex their muscles. Oh, the drama! A pullback is now expected toward the oh-so-precious Fibonacci retracement zone between $107K and $111K. A sigh of relief? Or a harbinger of doom?
The 4-Hour Chart
In the world of the 4-hour chart, things get even more thrilling. What initially appeared to be a head-and-shoulders reversal has instead turned into a descending wedge. Oh yes, a descending wedge—if that’s not a bullish pattern in disguise, I don’t know what is.
As Bitcoin continues its wild dance within this wedge, it finds support in an ascending trendline around $116K, a line that has managed to keep it grounded for now. If the price strays too far from this line—well, brace yourselves for a deeper dive toward $111K. However, a breakout from the wedge’s upper boundary could be the signal we’ve all been waiting for: the continuation of this euphoric bull run.
On-chain Analysis
By Shayan (yes, again)
Now, let’s talk about the dark side of Bitcoin—its on-chain data. According to CryptoQuant, Bitcoin’s reserves on centralized exchanges have been rising. Yes, that’s right—rising! They’ve reached their highest point since June 25th, signaling that investors might be taking some profits off the table. Could this be a sign of weakening buy pressure? Or just a minor detour on the road to glory?
Rising reserves on exchanges are often associated with market tops—those glorious moments when everyone sells their Bitcoin at the peak, and we all wonder where it went wrong. But hold your horses. This alone doesn’t mean Bitcoin is headed for a nosedive. No, no—there are still plenty of factors in play. The market is a delicate dance, and sentiment, liquidity, and demand will be the final judges.
In conclusion, while rising exchange reserves might suggest a little selling pressure in the short term, don’t lose hope. Bitcoin’s longer-term uptrend remains intact—unless, of course, the world’s financial conditions take a dramatic turn for the worse.
Read More
- WLD PREDICTION. WLD cryptocurrency
- TAO PREDICTION. TAO cryptocurrency
- VET PREDICTION. VET cryptocurrency
- BNB PREDICTION. BNB cryptocurrency
- USD RUB PREDICTION
- ETC PREDICTION. ETC cryptocurrency
- Gold Rate Forecast
- USD CNY PREDICTION
- EUR PKR PREDICTION
- PEPE PREDICTION. PEPE cryptocurrency
2025-07-20 18:36