BTC's past breakout attempts suggest a possible correction, pushing prices to $65,000
●According to Santiment data, BTC trading volume above $100,000 reached a 10-week high, showing a significant increase in whale activity. Such increases typically lead to changes in market behavior, as large investors can influence price fluctuations by accumulating or selling assets. While BTC is attracting attention, high whale trading volume also raises concerns about price adjustments.
●BTC discussions on social media account for 25% of all cryptocurrency discussions, indicating a shift in attention from altcoins to BTC. When BTC attracts so much attention, volatility increases and there is a risk of a downside.
●"Both signals suggest that price increases may be delayed due to profit-taking by stakeholders and mass greed. However, medium- and long-term indicators remain optimistic and any adjustments may only be temporary."
●Currently, 95% of BTC supply is in profit, a statistic that is historically common at market tops. When a large portion of investors are in profit, selling pressure typically increases, leading to price adjustments. This has happened in previous market cycles and could repeat itself again, suggesting that BTC could be approaching a short-term top.
●BTC is currently trading around $67,930, having broken through the important resistance level of $68,000 this morning. If it successfully breaks out of the descending wedge pattern that has been in place since March, BTC could rise 27% to $88,077. However, past breakout attempts suggest that a correction could occur, pushing prices to $65,000.
●Without sufficient momentum, BTC will struggle to break through its all-time high of $73,800, which could negatively impact its price outlook and prevent it from reaching previous highs.
