Bitcoin’s price finally flipped the script after days of sideways trading and fresh losses, topping $64,500 for the first time in 7-8 days 🖤
However this modest push got hit with selling pressure from multiple angles before it could turn into anything bigger. A secret threat lurks outside the usual on-chain signals too 🌑
Bull Trap Brewing Up? 💀
Miners are leading the charge in profit taking as BTC touched $64,600 recently according to popular analyst Ali Martinez. CryptoQuant data reveals they offloaded 1,648 BTC in the past ten days which adds roughly $106 million in potential sell pressure.
Spot Bitcoin ETFs saw investors pull almost $400 million worth last week after pouring in over $850 million the week before.
Strategy has halted all BTC buys for now and offloaded multiple batches with holdings dropping by more than 3,300 in recent weeks.
A troubling amount of supply has landed on exchanges with balances rising by 24,700 BTC in ten days pushing $1.6 billion in fresh sell liquidity onto the market 🦇
The Coinbase Premium stays negative for over three months now meaning BTC trades cheaper on Coinbase than Binance and points to softer US demand or active US selling.
Martinez thinks the run to $64,600 could fade fast with key supports at $63,110-$61,850 holding over two million prior transactions and if that fails the next floor sits at $54,300 🔮
The Hidden Threat 🕸️
No sugarcoating here as Middle East conflict and its wild swings keep the crypto scene on edge. Conflicting reports fly from both sides like usual.
One day it was claimed the US and Iran extended their ceasefire right at expiration while Trump threatened strikes on Oman even though it’s a US ally.
Fresh takes from the POTUS himself show no peace talks ongoing or planned plus the Naval Blockade stays active and the Strait of Hormuz now treated as US territory stays open and running.
BTC sits calm near $64,000 for now but these twists could spark massive volatility anytime 🐦⬛
View the tweet from Ali Martinez
Just another echo from the void by iconofsin.eth 💖
