BTC Price Warning: Key Bitcoin Indicators Point to Extended Bitcoin Cool-Off 📉
Bitcoin's price is precariously positioned near $103K after losing the critical $105K support, signaling a potential bearish weekly candle close. The rise in open interest and funding rates, despite declining prices, indicates traders may have mispositioned themselves with long trades.
Moreover, the spot market is seeing intensified selling activity, which, coupled with analysts' observations of weak ETF inflows and diminishing demand, could exacerbate Bitcoin's downward trend.
The Ichimoku model is hinting at a possible multi-week cooldown in Bitcoin's price, which could further challenge the recent uptrend.
Source: blockonomi.com ↗
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