Analysts noted that Bitcoin is moving within a narrow range, adding that sellers are getting tired but the risk of a decline still remains.
Glassnode said in its weekly report that Bitcoin has corrected after its record high of $123,000 and is entering a cooling phase.
Analysts stated that sellers are now tired after the corrections in Bitcoin, and that BTC and the market are currently at a sensitive point.
According to analysts, sellers have started to run out, but Bitcoin cannot stay very strong and is in a position to fall if negative catalysts emerge.
“Bitcoin has pulled back after reaching a new all-time high. This pullback has caused a cooling in the market overall.
Bitcoin and the market cooled down after the ATH and entered a reassessment phase.
As signs of seller exhaustion mount, a recovery in Bitcoin is possible, but the risk of a downside remains if negative catalysts and macroeconomic events emerge.
What is the Latest Situation in Ethereum?
Glassnode said in a recent analysis that the $4,500 level is the critical resistance for Ethereum.
Glassnode said that Ethereum’s +1σ active realized price band is located at $4,500, and this level serves as a critical resistance level for the continued rally that previously occurred in March 2024 and during the 2020-2021 cycle.
At this point, analysts noted that a break above this level would signal market enthusiasm and a significant bullish threshold for the current rally.
*This is not investment advice.
Continue Reading: Glassnode Shares Updated Analysis for Bitcoin and Ethereum! Will the Rise Continue?
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Author: NixCoin