Bitcoin has shown its first significant bearish signal since early May last week, with signs of both fear and confidence in the future of the asset appearing in the market.
Bearish Signals on Bitcoin Chart
Bitcoin printed a bearish engulfing candle confirmed by a shooting star. This comes after a 19% rally over the last three weeks, possibly indicating exhaustion. Data from CryptoQuant highlighted that the Miners’ Position Index reached 2.78, marking its highest point since November 2024.
Sales and Purchase Data for Bitcoin
According to sales data, nearly 50,000 BTC were sold at a loss within 24 hours. However, buying interest remains strong. Investors accumulated over 196,600 BTC in the $116,000 to $118,000 range, underscoring confidence in the asset’s long-term outlook.
Current Market Conditions and Forecasts
Technically, Bitcoin remains within its bullish structure as long as it consolidates above $112,000. Despite possible short-term corrections, a substantial buying volume supports positive sentiment and indicates a likelihood of resuming growth.
Current market conditions for Bitcoin suggest potential corrections; however, significant buying volume supports confidence in its future growth.
