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Bitcoin may experience strong adjustments if the weekly candle closes below this level.
Bitcoin (BTC) is facing the risk of a deeper correction as many indicators continue to signal warnings about the possibility of forming a local peak, causing investors to be concerned about a period of strong volatility ahead.
Analysts are sounding the alarm about the possibility of Bitcoin falling below the $100,000 mark, as data from TradingView shows that the BTC/USD pair has plummeted 8%.
On May 31, the market witnessed a surprising drop in Bitcoin, as this cryptocurrency lost its previous historical peak price. The sharp correction caused the price to fall nearly $9,000 from the most recent record high, raising concerns about a distinct weakening trend.
After the buying power continuously failed to break through key resistance levels, a series of on-chain indicators began to emit warning signals, indicating that the upward momentum is losing steam. As a result, the short-term outlook has become bleak, causing market sentiment to shift towards caution.
In the latest report, the on-chain analytics platform CryptoQuant warns that "some indicators measuring demand for Bitcoin may be reaching a short-term peak" — a signal suggesting that the current upward momentum may pause.
Specifically, CryptoQuant estimates that the demand for accumulating Bitcoin over the past 30 days has increased by an additional 229,000 BTC, approaching the historical peak of 279,000 BTC recorded in December 2024.
"Additionally, the amount of Bitcoin held by whales has also increased by 2.8% in the recent month — a rate that has often preceded a pause in accumulation from this group of large investors."
BTC is expected to "adjust deeper"
In the context of the market experiencing unpredictable fluctuations, although most analysts remain optimistic that prices will soon return to a journey of exploring new highs, for the time being, they still lean towards the possibility that prices will continue to adjust downward.
"On the daily timeframe, BTC has broken below the previous all-time high and is currently facing strong resistance at this level," renowned analyst Mags commented in the latest analysis published on platform X.
"This could be a signal indicating that a deeper correction is forming."
‘If the BTC price closes above the important horizontal support-resistance zone on the weekly chart, the market may enter a new bullish phase*. At that time, an inverse head and shoulders pattern could be formed, setting the stage for the next rally,’ he analyzed.”*
Analyst Aksel Kibar believes that the market's recovery may have to be temporarily halted, although the long-term bullish outlook has not yet been broken.
"As long as the price remains above the $73,700 mark, the bullish trend is still in effect," he shared on platform X, while analyzing the BTC/USD chart on a monthly timeframe.
Meanwhile, the on-chain data platform CryptoQuant sees a closer stopping point, suggesting that the $120,000 price range will be an important take-profit zone on Bitcoin's next growth journey.
! Source: CryptoQuantSN_Nour