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Willy Woo and others released a report: Bitcoin volume and liquidity have declined, but the fundamentals remain stable.
Gate News bot message, analysts from Swissblock warn that Bitcoin is facing strong resistance as it approaches historical highs, and the likelihood of breaking through is low at least for now.
According to the company, Bitcoin seems to be hovering between the $100,000 support level and just below the $110,000 resistance area. They describe the current price action as "stalling" and add that any move beyond the current range will require a new round of fundamental momentum.
Swissblock previously warned that the lack of new capital entering the market increases the risk of a Bitcoin double top formation, which is a technical pattern that usually signals an impending reversal.
At the same time, a report titled "Bitcoin Vector" released jointly by Swissblock and analyst Willy Woo shows that despite declining trading volume and liquidity, the fundamentals of the Bitcoin network remain stable.
The report highlights three key points:
Liquidity has decreased, the number of transactions has reduced, and trading volume has declined; Nevertheless, network activity remains stable, indicating that user confidence remains solid; Profit taking remains limited, which means that sellers have not flooded the market. According to the views of Swissblock and Woo, these factors together indicate that, although Bitcoin may still maintain range volatility for the time being, a significant decline is unlikely, at least until there is a more pronounced shift in market sentiment or fundamentals.
Source: Cryptodnes