Analytics Platform Warns Bitcoin Is ‘Stalling’ Below Major Resistance Level, Says Breakout Won’t Happen Until This Happens
Analytics platform Swissblock is outlining the path forward for Bitcoin ( BTC ) amid stiff resistance at a level just below the all-time high.
According to Swissblock, Bitcoin is “stalling below $110,000” and the upward trend is now under pressure as a broad trading range appears to form between the resistance level and a price of $100,000.
“Consolidation may last, but one thing’s clear: No breakout without strong fundamentals.”
Source: Swissblock/X
Bitcoin is trading at $104,447 at time of writing, around 7% below the all-time high of just under $112,000 reached last month.
Earlier in the week, Swissblock had warned that a failure by Bitcoin to break out amid a lack of fresh investor flows could lead to a double-top.
A double-top is an extremely bearish technical reversal pattern formed when the price of an asset forms two consecutive peaks, an indication that there’s a strong resistance level that the price is unable to pierce through.
Source: Swissblock/X
According to Bitcoin Vector, a joint report by Swissblock and on-chain analyst Willy Woo, BTC liquidity has been trending lower for the past couple of days, an indication of falling volume levels, a declining number of transactions and reduced activity.
But Bitcoin Vector says a further correction is unlikely.
“Here’s the interesting part: network growth remains stable, participants are not leaving the market.
This aligns with a key point from Bitcoin Vector: profit-taking remains low, meaning selling pressure is limited.”
Source: Bitcoin Vector/X
Follow us on X , Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
IPO Roadshow Day Boosts Enterprise Office Market! Anthropic Launches Multiple AI Tools, Directly Challenging Microsoft Office
Anthropic has launched Claude Meetings, allowing Claude to join Google Meet video conferences in real-time and perform tasks, transforming Claude from a meeting note-taker into a real-time collaborator. AI whiteboard and spreadsheet features are now available, introducing Claude Whiteboards for team co-editing and Claude Sheets that can be created and modified by AI. The data analysis product Claude Data has officially launched, enabling seamless integration between enterprise data and third-party applications. Microsoft's stock decline has widened, at one point falling more than 3%.
Anthropic roadshow targets 35% long-term operating profit; founders plan to cash out $1.75 billion in IPO; Goldman Sachs estimates $685 billion revenue by 2030
In a roadshow video, executives at Anthropic revealed that the company believes it can achieve an adjusted operating profit margin of 35% or higher in the long term, far surpassing this year’s Q3 margin of 15%. According to the prospectus, all seven co-founders plan to sell nearly 3.38 million shares each at the IPO’s midpoint price, netting about $250 million per person, while each will still retain approximately $18 billion in shares. Goldman Sachs predicts that by 2030, Anthropic’s annual revenue will be nearly 150 times last year’s revenue, including $586 billion from enterprise clients and $100 billion from non-enterprise customers.
Texas bill seeks to let cities and counties invest up to $10 million in Bitcoin
Crypto prices
More
