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Bitcoin price is Slowly approaching to the highly sought-after $100,000 mark, and recently reached an intraday high of $98,471.
However, despite the bullish price action, there are some worrying signs for the bulls.
According to Glassnode founders Jan Hubel and Jan Alleman, the cryptocurrency's momentum is Weaken Due to disappointing trading volume.
“Even as Bitcoin breaks $97,000, trading volume remains low – which is critical for the uptrend to continue in the short term,” the analysts noted.
Higher volume will be essential to maintain strong upward momentum.
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Recently, 10x Research opined that Bitcoin’s uptrend could be nearing its peak after the major cryptocurrency formed a monthly pattern “shooting star” candle. This bearish reversal pattern was formed after Bitcoin started the previous month higher before bears ended up in the driver's seat again with strong selling pressure.
It is worth noting that Bitcoin Experienced Major corrections after similar shooting star candles formed in 2018 and 2021 respectively. Some are confident that there is a major trend reversal despite the bulls trying to push Bitcoin back to the $100,000 level again.
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like Reported by U. TodayThe Fed has indicated that it will implement smaller interest rate cuts this year than initially expected. This hardening has weighed on the work of Bitcoin bulls who had hoped to see a major rally after the cryptocurrency breached the $100,000 level for the first time last month.
On Thursday, BlackRock's iShares Bitcoin Trust (IBIT) ETF posted record outflows of about $333 million. While these outflows may not be indicative of a broader trend, this is still a worrying start for a product that has set the upside for 2024.
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