Bitcoin is in quite an important position this week, but the market shows no signs of excessive excitement or panic. Rather than experiencing strong price fluctuations, everything seems calm and stable. Cryptocurrency analyst Crypto Dan stated that this indicates the market is cooling down, not overloaded — and that could be a positive sign.
Meanwhile, cryptocurrency traders are closely monitoring the level of $108,500, and even big names like Coinbase are buying BTC weekly.
Is this the calm before Bitcoin's next breakout?
Analyst: No Signs of Panic or Hype
According to analyst Crypto Dan, Bitcoin's trading volume is showing signs of cooling down. He shared a bubble chart to explain this — the larger circles mean high trading volume, and the colors indicate the rate of change in volume.
Currently, the bubbles indicate that the market is calm. There is no strong increase in trading, which means people are not acting out of fear or greed. Instead, this steady pace may signal that Bitcoin is building a strong foundation before the next move.
Although Bitcoin remains close to its all-time high, Crypto Dan believes it may need external support to break higher. Factors such as lower interest rates or clearer cryptocurrency regulations could provide the necessary momentum.
Traders are Monitoring the Level of $108,500
Adding more optimism to the market sentiment, cryptocurrency expert Michael van de Poppe stated that Bitcoin is resting but has the potential to rise higher soon. He believes that a slight correction is normal and not a reason to worry.
Meanwhile, this horizontal movement may help Bitcoin accumulate strength to break through the significant resistance level at $108,500.
If this level is broken, many traders expect Bitcoin to surge quickly, possibly reaching $110,000 or higher, just as it has done in the past when it overcame major barriers.
Coinbase is Buying Bitcoin Weekly
While things may seem calm on the surface, the big players are taking action. Coinbase CEO Brian Armstrong recently stated that the company is buying Bitcoin weekly. He also advised followers to 'hold on' to Bitcoin, meaning to hold it for the long term.
Coinbase currently holds nearly $995 million worth of Bitcoin, becoming the 10th largest company by the amount of BTC held. This indicates that institutions still believe in Bitcoin's future and are preparing for what’s to come.
As of now, Bitcoin is trading around $107K, reflecting a decrease of 0.71% in the past 24 hours, with a market capitalization of $2.13 trillion.
Source: https://tintucbitcoin.com/bitcoin-huong-toi-moc-108-500-usd/
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