2025-02-01 00:30:25 by NewsBTC

Bitcoin has recently faced a slowdown in its upward trajectory after reaching over $105,000 earlier this week. The cryptocurrency had shown signs of a potential breakout, but key indicators have come into focus as the market evaluates its next move. The latest insights from analysts have raised questions about whether Bitcoin’s market momentum can overcome the resistance level at $108,000, its previous all-time high. Analyzing Bitcoin’s Market Indicators Amid the price performance from BTC, CryptoQuant analyst ShayanBTC has provided insights on the challenges and possibilities ahead for Bitcoin. Shayan noted that despite Bitcoin’s recent price increases, the funding rates—a critical on-chain indicator—have started to decline. This bearish divergence suggests that demand in perpetual markets may be weakening, casting doubt on whether the current bullish momentum is sufficient to push Bitcoin above its all-time high. Bitcoin funding rates on all exchanges. | Source: CryptoQuantParticularly, one of the primary hurdles for Bitcoin’s price to surpass $108,000 is the lack of strong market enthusiasm, as reflected in the funding rates. According to Shayan, typically, rising funding rates indicate an increase in long positions and market optimism. However, the current decline in these rates signals that traders are hesitant to bet on further price increases. Shayan emphasized that without a significant boost in optimism and a greater influx of long positions, Bitcoin’s resistance at $108,000 could hold firm, potentially leading to a consolidation phase or even a temporary price rejection. The analyst wrote: For Bitcoin to decisively breach $108K, the funding rates must rise further, signaling an increase in optimism and a greater influx of long positions. Without this market-wide enthusiasm, the resistance at $108K could hold, leading to potential consolidation or a temporary rejection. Indication from Long-Term Holders Metric On the other hand, long-term holders—investors who have maintained their Bitcoin holdings for seven years or more—have shown no inclination to sell their assets. Another CryptoQuant analyst reporting this in a post on the QuickTake platform noted: Holders who have held bitcoin for seven years or more sold some of their holdings before the end of the previous bull market. Long-term bitcoin holders have not yet moved their holdings to exchanges. Bitcoin Long-Term Holders Metric. | Source: CryptoQuantThis behavior highlights a trend seen in previous market cycles: long-term holders often remain resilient through price fluctuations, providing a steady base of support for the cryptocurrency. The decision of these holders to keep their Bitcoin off exchanges suggests confidence in the asset’s long-term value, even as short-term market sentiment fluctuates. Featured image created with DALL-E, Chart from TradingView Samuel Edyme Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics. When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.” PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.