Bitcoin may not continue its strong rise just yet. Experts say the bull run might slow down if Bitcoin doesn’t stay above $104,500 by the end of the week (Sunday).
🔸 What’s Going On?
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Bitcoin’s price dropped to around $104,666, falling $9,000 below its recent all-time high.
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This drop came after investors started taking profits, which has caused strong resistance (price can't move up easily).
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The price has fallen 8%, according to TradingView and Markets Pro.
🔸 Key Level to Watch: $104,500
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Experts say Bitcoin must stay above $104.5K by the weekly close.
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If it doesn’t, the price might drop further before going up again.
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A popular trader named Mags said if Bitcoin closes below support, it may pull back more and form a pattern called an “inverse Head and Shoulders” — often seen before prices rise again.
🔸 On-Chain Data Hints at a Pause
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CryptoQuant, a crypto data company, said Bitcoin demand may be topping out for now.
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Over the past 30 days, demand rose by 229,000 BTC, close to the previous high of 279,000 BTC in December 2024.
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Also, whales (big investors) increased their holdings by 2.8%, which often comes before a slowdown in buying.
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At the same time, unrealized profits were over 30% at the $111,000 level — another sign that many may sell to lock in profits.
🔸 What Are Traders Saying?
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Mags: Watch the weekly close carefully. If it’s below $104,500, we may get a deeper dip before the next rise.
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Aksel Kibar: Still bullish long-term. As long as Bitcoin stays above $73,700, the uptrend remains safe.
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Kibar’s target for 2025 remains $137,000.
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CryptoQuant believes $120,000 will be a key level where many investors might sell for profit.
Summary
Bitcoin is still in a bull market, but it might take a break. If it doesn’t stay above $104,500 this week, prices could fall a bit more before rising again. Big investors are slowing down their buying, and many traders are locking in profits. But long-term goals, like $120K–$137K, are still in sight.
Disclaimer: This article is for
information only and not financial advice.
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