Bitcoin’s Rally Faces Challenges Amid Weakening Buying Pressure
- Since its low of $73,273 on April 9, Bitcoin has surged nearly 41% to $107,380.
- Analysts suggest Bitcoin may enter a consolidation phase as order flow data and onchain metrics weaken.
- US-based spot Bitcoin ETFs have seen inflows for fourteen consecutive trading days, totaling $4.63 billion by June 27.
- Economist Timothy Peterson noted last week’s $2.2 billion ETF inflows as significant and anticipates continued positive trends.
- The Federal Reserve’s upcoming interest rate decision on July 30 is closely watched by traders.
Bitcoin’s recent surge faces potential consolidation as buying pressure weakens and profit-taking intensifies among short-term holders. Institutional demand through ETFs remains strong, with consistent inflows suggesting ongoing interest in Bitcoin despite market uncertainties.
The broader market structure for Bitcoin remains robust with higher time frame support levels intact, though the current data indicates a transition phase rather than continued vertical acceleration in price movement.Source)
