Recent price fluctuations of Bitcoin raise concerns about the potential end of the current bull market. Analyzing the charts points to the formation of bearish patterns, which may signal an upcoming decline.
Current Trends in Bitcoin Market
The price of Bitcoin today stands at $112,835, down from its all-time high of $124,200. Over the past few years, Bitcoin has shown significant growth, having bottomed at $15,463 in late 2022 following the FTX collapse and peaking at $124,200. The weekly chart indicates the formation of a bearish 'rising wedge' pattern, which can suggest an imminent price drop.
Decline in Bitcoin ETF Demand
Data shows that the demand for Bitcoin ETFs has begun to decline in recent weeks. Research from SoSoValue reports a withdrawal of over $1.17 billion from Bitcoin ETFs last week, far exceeding the $547 million inflow in the previous week. This indicates reduced interest from institutional investors.
Potential Support Levels
Analysis indicates that Bitcoin price may experience strong bearish movement in the coming days. The market anticipates a potential decline to the 50-week moving average level around $95,000. Additionally, CoinGlass data shows that the amount of Bitcoin held on exchanges has risen to 2.25 million, the highest level since August 7, indicating active selling by investors.
Overall, the current bearish patterns on Bitcoin charts, along with declining ETF demand, signal a potential end to the bull market. Investors should monitor the situation and support levels closely.
