$BTC according to the report on COINTELEGRAPH which states:
No new all-time high, Bitcoin will not rise now and at most will reach $110,000, analysis indicates.
Analysis from CryptoQuant points out that Bitcoin is losing strength, facing resistance at $110,000, and should remain sideways, without breaking new highs.
Despite Bitcoin's rise this Monday, the 16th, the cryptocurrency's price is not expected to rise above $110,000 and seek new historical highs this week.
This is the forecast of Axel Adler Jr, analyst at CryptoQuant, who shared his prediction based on various on-chain analyses.
"The asset shows a loss of momentum (the 30-day momentum fell to 1.7%), while the Max Pain options remained at the $106,000 level and the ADX rose to 21, crossing the trend formation limit, but without a clear direction. This indicates a high probability of continuous sideways movement, with local pullbacks to the support zone at $104,000," he said.
Main weekly indicators
Current price: ≈ $105,500
Local high: $110,500
Local low: $104,000
This week, Bitcoin in the BTC-USDT pair fluctuated in the range of $104,000 to $110,500. At the beginning of the period, the price rose towards resistance around $110,500, but at high levels encountered strong supply and reversed downwards.
In the second half of the week, there was a pullback to $104,000, where buyers managed to activate and push the price back to the current $105,500. Trading volumes remained contained and did not allow for a breakout of resistance or the development of deep corrections.
