Affected by key resistance levels and profit taking, the current bull market cycle for Bitcoin may be 'delayed'.
Latest data shows that the BTC/USD price has plummeted by 8%, falling below recent historical highs. The market is in an uproar, and analysts are sounding the alarm for a 'deep correction', stating that the bull market may be delayed again.
As the market issues a warning for a 'deeper correction', many analysts believe that Bitcoin needs to hold the historical high since December 2024 during the upcoming weekly candle close to avoid further setbacks in the bull market.
Firstly, on-chain data is showing early warning signs! CryptoQuant analysis points out that Bitcoin demand indicators have approached the peak seen last December, and the pace at which whales are accumulating coins has begun to slow down. More concerning is that current holders have an average unrealized profit of over 30%, and with the enticing profit of 111,000 USD, a large number of profit-takers are fleeing madly!
Big players in the trading circle are also collectively bearish. Notable trader Mags bluntly stated, 'The deep adjustment has begun,' and the key focus now is on this week’s weekly closing price. As long as BTC can hold above 104,500 USD (the historical closing high from December 2024), bulls still have a chance for a rebound; if it falls below this level, a new round of declines may begin, and it might even be brewing a head and shoulders pattern.
Analyst Aksel Kibar also poured cold water on the situation, stating that while he expects a bullish target of 137,000 USD by 2025, he admits that the return of this bull market is 'highly likely to be delayed'.
Meanwhile, CryptoQuant predicts that 120,000 USD will once again become the 'cash-out death line' that both bulls and bears will fight over in this cycle. If this key resistance level cannot be surpassed, a new wave of selling may occur at any time!
In summary, the rollercoaster ride of Bitcoin's price is just beginning to show, and the upcoming BTC weekly closing price will be the focus of investors' attention.
Finally, do you think Bitcoin can hold the key defense line, or will there be another deep correction?
