New data from the Crypto analysis company Swissblock suggests that Bitcoin (BTC) is preparing to go up even while the momentum becomes negative.
In a new thread on the social media platform X, Swissblock out The best crypto assets from Market Cap just have to turn his momentum to reverse the race and generate a rally, probably to take altcoins with it if so.
“Taking profit replacement is fading and the sales pressure is being absorbed. BTC is preparing for BreakOut-but has to align the momentum. While BTC is sidelined, note the moment the folding- [Ethereum] And Altcoins will probably explode up if so. ‘
According to Swissblock, the crypto king was about to break out for the momentum stalled Because investors take a profit.
“What’s going on with Bitcoin? Momentum is not ignited. BTC tried to break higher – but the rally stuck above $ 118,000 and Momentum turned back to negative …
Why is Momentum gets stuck? Making a profit does not increase as intensely as the end of 2024. Realized profit grew in July, enough to get upside down and activate consolidation. Sales pressure is visible, but not extreme – think of cooling, no capitulation. “
The crypto analyzed company will continue to say that the flagship is digital assets seductive Investors with profit, because the vast majority of BTC holders are in the Green.
“96% of the supply is in profit. That is a double-edged sword: strong holders remain but non-realized profits are tempting sellers. To the demand returns, every bounce invites the offer. The trend is intact-but momentum needs a reset.”
Swissblock concludes By noting that the fundamental technical indicators of BTC look healthy, which means that it must act sideways for a while before it will cause a meeting at the top.
“BTC basic principles are strong and stable. BFI (Bitcoin Fundamental Index) = 60 (neutral zone). Network growth is cooling. Liquidity is recovering. This is a consolidation-supporting environment. BTC can be sideways
BTC acts for $ 114,747 at the time of writing, a decrease of 3% in the day.
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Featured image: Shutterstock/Mia Stendal/Konstantin Faraktinov