Bitcoin Technical Analysis and Cryptocurrency Market Signals
Bitcoin is currently in a “cooling off” phase, but has not officially entered a deep correction phase. Technical analysts note that the $102,500 support level remains the main support for the digital currency. Bitcoin has tested the $104,000 level twice in the past 24 hours, and at the time of writing, the price is recovering slightly, trading around $104,600.
These short-term fluctuations reflect a consolidating market sentiment based on futures trading behavior data, which shows that pressure from large institutional short positions is dragging prices down. However, the inflow of money into ETFs is still a positive signal, helping investors expect the resilience of this cryptocurrency in the near future.
Nguồn: Adler Crypto Insights
Bitcoin Market Heat Analysis Index
In his weekly Adler Insights article, analyst Axel Adler Jr. discusses the Bitcoin Market Heat Phase Index. The index, also known as the Heat Phase Index, combines four key signals to measure how “hot” or “cold” the cryptocurrency market is.
The signals that make up the Thermal Index
The index is based on the following signals: MVRV Z-score benchmark, aSOPR 14-day simple moving average, long-term (LTH) to short-term (STH) price basis, and 10-day average of USD ETF flows. The index peaked at 0.45 on May 22, when Bitcoin peaked at $111,000. By June 5, the index had dropped to 0.39, reflecting the accumulation phase around $101,000.
Currently, a reading of 0.41 suggests that the market is starting to return to demand, reflecting normal activity. However, if the index falls below 0.39 in the coming period, it will be a sign of a longer cooling period, potentially signaling a shift to a correction phase.
Source: CryptoQuant
Continue to accumulate long-term holdings and ETF cash flow
Despite the cooling market and slowing momentum, long-term holders are still actively accumulating. Selling pressure has decreased significantly compared to November-December 2024, when investors kept their faith and continued to HODL. Data from the CVD index over the past 90 days shows that traders have dominated buying. This shows that positive sentiment still exists, keeping hopes of Bitcoin's recovery intact. However, geopolitical developments need to be monitored, as a sustained rally may be in the offing.
Source: https://tintucbitcoin.com/bitcoin-giu-vung-ho-tro-100k-usd/
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