Oh, Bitcoin. That rollercoaster ride no one really signed up for but somehow can’t look away from. After a rather dramatic chase for liquidity above the $111K mark—because who doesn’t love a good hunt—the crypto darling is now lounging near what might be its new best friend: the $100K support zone. Or is it just taking a quick nap before the next big move? Keep reading, darling, because things are about to get interesting.
Technical Analysis
By ShayanMarkets (because apparently, miracles happen)
The Daily Chart
Picture Bitcoin, exhausted after its wild romp above $111K, deciding to cool off in the shady comfort of the $100K support. Think of it as a teenager coming home after a wild night—slightly disheveled, perhaps a little reckless, but with hope for a good breakfast. The market’s momentum has lost some of its zip, the RSI is just hanging around the neutral 50, like a indecisive brunch guest unsure whether to order pancakes or waffles. If the support holds, we might see BTC sprinting back to its all-time high—because, of course, that’s how dreams work. But if not, well, under $95K, and we could be staring into the abyss, or at least the 200-day moving average, which is worth approximately a small country’s GDP.
The 4-Hour Chart
Zoom in, and Bitcoin is behaving like a moody adolescent, breaking down from its long-standing ascending channel—classic teenage rebellion. After a brief period of pretending everything’s fine at $106K, it was quickly chased into a corner around $103K, like a villain in a bad soap opera. Now, BTC is hanging out in a bearish flag pattern—pretty much the crypto equivalent of sitting cross-legged and waiting for the next shoe to drop. Break $103K support, and it’s downhill to $100K; hold it, and we might just see more sideways vibes as everyone waits for a sign. Either way, stay tuned because it’s about as predictable as your sofa cushions.
On-chain Analysis
By ShayanMarkets (again, because why not?)
This part’s for the slightly geeky—think of it as the behind-the-scenes gossip. The Exchange Outflow metric, which is fancy talk for “coins taken off exchanges,” is telling us some big players are stockpiling. Nearly 20,000 BTC vanished from Bitfinex in one day—most likely in a “leave me alone, I’m hodling” kind of way. That’s the largest withdrawal since 2022, which usually indicates that big investors are loading up for the long haul, possibly planning to hold onto their precious crypto stash instead of flinging it back into the market to cause chaos.
Even with all the price wobbling, a bunch of indicators are whispering “bullish vibes,” like neutral funding rates, liquidation tantrums, and whales sneaking around big purchases. Maybe, just maybe, Bitcoin is gearing up for its next big re-entry into the spotlight—because, who doesn’t love a good comeback story?
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2025-06-04 15:48