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BTC Uptrend Momentum has turned to consolidation, and increasing increase in profit can drag to $ 110k or $ 105k. What is the following?
Bitcoin [BTC] has fallen around 4% this week and his withdrawal of the All-Time High (ATH) from $ 123k to $ 114k-one of a retracement of 7%.
In general, the Bullish Uptrend has now shifted to a consolidation mode, listed renowned BTC analyst Willy Woo.
He added That the active reach bone can remain before he tries an outbreak.
“Making increased speculation and profit at Momentum, indicating that BTC may need a reset or lateral grind before the next attempt.”
Source: Swissblock
The attached graph showed high speculation (red) while profitability (Soph, Green) was increased but withdrawn steadily withdrawn when holders made a profit.
Moreover, the momentum turned around, negative, undercutness underlined in the short term.
Taking profit making meets increased cover
Swissblock also painted the color of the current profit increase, which rose on average to almost $ 3 billion a day in July.
This strengthened a similar sale that marked the previous local prize peak.
Source: Swissblock
However, the Crypto Analytics company noted that the level of the current sale was still not as intense as the late 2024, which achieved more than $ 4.5 billion.
As such, this can only be a tactical cooling, with a breakout still on the cards in August, added Swissblock.
“Sales pressure is visible, but not extreme thinking of cooling, no capitulation … If macro/on-chain remains stable, a breakout reset is possible in August.”
This was somewhat contrary to another market bike stop Expectations by October in the midst of increasing macro uncertainty.
Nevertheless, the recent dump was marked by an increase in the demand for short conversations (bullish bets), especially for 1 weeks (blue), 1 month (purple) and 3 months (green) tenors.
This was demonstrated by the BTC 25 Delta Skew, which jumped with 4% to 6% over the aforementioned Tenors, whereby a bullish sentiment or short coverage was underlined in the short term.
Source: VELO
In other words, options traders expected a sharp rebound in the short term or they held hard to cover such a potential upward movement.
At the same time, Deribit facts Showed that PUT options of $ 105k were the most traded volume for the end of 8 and 22 August.
This meant that there was also heavy hedging for the downward risk for $ 105k and $ 110k, for the next two weeks.
Source: Deribit
There was an increase in the demand for calls that looked at $ 120k and $ 125k at the end of August.
But according to the Coinbase Premium Index (CPI), the question on the spot is for the first time since May red and flashed for the first time since May.
This suggested that the demand from American investors has been relaxed in the past two weeks. A strong rebound in this metric could confirm a possible attempt for an outbreak.
Source: Cryptuquant
In general, BTC Uptrend Momentum is shifted in the middle of a malaise in spot demand and rising sale.
While the short -term tactical bullish seemed, option traders prepared for a potential dip up to $ 105k and $ 110k.