Bitcoin giant MicroStrategy attracted attention by increasing its amount from $ 1.75 billion to $ 2.6 billion with its latest capital increase. On the other hand, Hoth Therapeutics announced that it plans to purchase $ 1 million worth of Bitcoin, and the company's Board of Directors approved a plan to accept Bitcoin as a strategic reserve. Following these developments, BTC gained momentum by reaching a new all-time high (ATH). While Bitcoin's price action is constantly reaching ATH levels, Bitcoin's dormancy is decreasing. So, where will the leading cryptocurrency see a correction?$BTC
Recent bullish moves have seen Bitcoin rise to as high as $94,374 on the Bitstamp exchange. Trader Skew has been looking at changes in liquidity conditions on the exchange’s order books, asking “Did someone fomo?” in a recent post on X. He also closely monitored order flow in both spot and derivatives markets.
Another trader, CrypNuevo, said that a possible stop is the mid-$90,000s before Bitcoin enters a new consolidation phase. “We do not expect to break $100,000 on the first try. Therefore, a pullback could be around $90,000, especially $96,000. Then, it is necessary to evaluate buying opportunities during the pullback,” the trader said.
Onchain analytics platform CryptoQuant has issued a warning, noting that long-term BTC holders are starting to sell at current prices. The platform, referencing the “Days Destroyed Cryptocurrency” metric, noted that market peaks usually come when long-held Bitcoins become active again. This metric measures the dormancy of BTC waiting at a given address. CryptoQuant emphasized that transactions above the 15-20 million “Days Destroyed Cryptocurrency” level should be a significant signal.
The start of trading options on BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) has boosted market optimism, with industry executive Joe Consorti predicting BTC/USD will finish the year above $100,000.
Previously, DecenTrader co-founder Filbfilb stated that options will have a long-term transformative effect on Bitcoin price action. The analyst stated that in the short term, more volatility and speculative price fluctuations are expected, while in the long term, Bitcoin will be positioned as an important hedge instrument that strengthens the diversification of gold in portfolios. Trading firm QCP Capital also evaluated the launch positively. “This event places IBIT among the 20 most active non-index options and shows that institutional confidence in Bitcoin is increasing. This development can attract new investor groups to the market and diversify trading strategies, which can reduce both volatility and downside risk. It can also strengthen Bitcoin’s place in mainstream markets,” QCP Capital commented.
