Bitcoin Drama: Will It Plunge to $92K? 😱

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Oh dear, it seems Bitcoin is having a bit of a mid-life crisis! 🚨 The price momentum is losing steam faster than my willpower at a chocolate buffet, as on-chain and market indicators suggest that demand is softening. Could we be looking at a deeper pullback? Who knows! 🤷‍♀️

According to the ever-so-serious Julio Moreno from CryptoQuant, the pace of Bitcoin (BTC) accumulation has slowed down significantly. I mean, it’s like watching paint dry after its glorious rise to an all-time high of nearly $112,000 in May. Talk about a dramatic fall from grace! 🎢

In the last 30 days, demand growth has plummeted to a mere 118,000 BTC, which is almost half of the 228,000 BTC growth we saw in late May. Whales and U.S.-listed exchange-traded funds have slashed their Bitcoin purchases by over 50%. It’s like they’ve suddenly decided to go on a diet! 🐋📉

After Bitcoin couldn’t hold its ground above $110,000, traders have been locking in profits and starting new short positions. As Bitcoin dipped toward the $105,000 range, short interest began to rise. It’s like a game of musical chairs, but with more stress and fewer chairs! 🎶💺

Darkfost, another analyst from CryptoQuant, pointed out that the real issue is stagnating demand. Even though realized profits are still small (less than $1 billion, which is basically pocket change in the crypto world), it doesn’t indicate a market peak. The market is balanced, but it’s like a seesaw with no kids on either side—just a bit sad and lonely. 😢

As of now, Bitcoin is trading at about $104,707, down 6.5% from its peak of $111,814 on May 22. It’s been fluctuating between $103,645 and $108,771 over the last week. Talk about a rollercoaster ride! 🎢

On the daily chart, Bitcoin is just below the 20-day Bollinger Band midline at $105,854, facing resistance around the $108,000 zone. The Bollinger Bands are narrowing, indicating decreasing volatility. It’s like watching a soap opera where nothing ever really happens! 📉

Since the May high, Bitcoin has been on a short-term downward trend, unable to recover the upper range of the consolidation zone. If demand weakens further, we might see Bitcoin testing the $101,000 support, with the $92,000 level acting as the next major cushion. It’s like a safety net for a tightrope walker—let’s hope it holds! 🤞

A breakout above $108,000 on high volume is necessary for a bullish scenario. Otherwise, a decline below $101,000 might indicate the start of a more significant retracement. Buckle up, folks! 🚀

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2025-06-20 10:36