Swissblock has released a comprehensive report on the state of the Bitcoin market following its fluctuations around $118,000, detailing how the price failed to maintain upward momentum.
Failed Breakout at $118,000
Swissblock noted that Bitcoin attempted an upside breakout, but failed to gain momentum above the $118,000 level, leading to negative outcomes. Analysts described the current situation as a 'failed breakout zone' and indicated that such consolidation could last longer.
Current Market Conditions and Selling
The reports also mention that profit-taking has increased throughout July; however, these sales have not been as intense as those witnessed at the end of 2024. According to Swissblock, 'There is selling pressure, but it is not excessive. This is a cooling-off, not capitulation.'
Future of Bitcoin and Altcoins
Swissblock highlights that 96% of Bitcoin's supply remains profitable, indicating that strong investors are still present in the market. Additionally, the report states that Bitcoin is poised for a breakout, but momentum needs to re-sync. 'Be careful while BTC is trading sideways; Ethereum and altcoins could break out strongly when momentum returns,' the analysts added.
In summary, Swissblock highlighted several key points. The arising selling pressure is not excessive, and the current state of the market may serve as a foundation for potential breakouts in the future.
