So, Bitcoin (BTC) hit a new all-time high (ATH) yesterday, soaring to $111,999 on Binance before taking a tiny step back to around $110,000. 📈 But here’s the kicker: while the overall trend is still looking bullish, some analysts are starting to whisper about a short-term pullback. 🤫
According to a recent CryptoQuant Quicktake post by the ever-so-insightful BorisVest, early warning signs suggest that BTC might need a little breather. If the momentum doesn’t pick up soon, Bitcoin could struggle to keep its bullish groove. 🕺
Binance taker buy/sell volume has seen a noticeable spike in aggressive buy orders – usually a good sign – but guess what? Sell volume has also risen, effectively canceling out most of the demand. Despite the uptick in buy volume, BTC’s price hasn’t exactly gone wild, suggesting some distribution or selling pressure. 🤷♀️
For those who are new to the crypto scene, Binance taker buy/sell volume measures the amount of aggressive buying versus selling on the exchange using market orders. A higher taker buy volume means strong buyer interest, while higher taker sell volume signals stronger selling pressure. 📊
And let’s not forget, Binance open interest has surged during the recent price rally, indicating an influx of leveraged positions. While rising open interest can support further gains, the lackluster price reaction is raising some eyebrows about Bitcoin’s short-term strength. 🤔
Meanwhile, funding rates have stayed mostly neutral throughout the rally. However, the most recent push to a new ATH saw BTC’s funding rates turn slightly positive, hinting at increasing long exposure and renewed bullish sentiment. 🙌
The breakout also triggered significant short liquidations, likely fuelling a short squeeze. Data from Coinglass shows that over the past 24 hours, $521 million in positions were liquidated – $448 million of which were shorts. 💥
Concluding, the CryptoQuant contributor noted that despite the emerging signs of caution, Bitcoin’s overall bullish structure remains intact. However, the market is now seeing the early signs of a potential short-term pullback, especially due to the spike-driven nature of the move. 🚦
Other analysts share a similar outlook for BTC. For example, crypto analyst Christian Chifoi suggested that the current price action may be a deceptive move designed to trap bullish traders – potentially pushing BTC down to $97,000 before the final rally begins. 🎭
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2025-07-11 03:41