Swissblock Analyzes Bitcoin’s Path Forward Amid Resistance
Analytics platform Swissblock is closely monitoring the movement of Bitcoin (BTC) as it faces strong resistance just below its all-time high. According to Swissblock, Bitcoin is currently “stalling below $110,000,” with the upward trend facing pressure as a trading range forms between the resistance level and a price of $100,000.
“Consolidation may last, but one thing’s clear: No breakout without strong fundamentals.”
Bitcoin is currently trading at $104,447, approximately 7% below its recent all-time high of just under $112,000. Earlier this week, Swissblock had warned that a failure to break out could lead to a double-top pattern, signaling a potential bearish reversal.
Bitcoin Vector, a collaboration between Swissblock and on-chain analyst Willy Woo, indicates that BTC liquidity has been decreasing, suggesting lower volume, fewer transactions, and reduced activity. However, Bitcoin Vector believes that a significant correction is unlikely.
“Network growth remains stable, indicating that market participants are staying put. Additionally, profit-taking is low, limiting selling pressure,” explains Bitcoin Vector.
Stay updated with the latest news and analysis by following us on X, Facebook, and Telegram. Subscribe to receive email alerts and check out price action on The Daily Hodl Mix.
Generated Image: Midjourney