On-chain data shows the Bitcoin spot exchange-traded funds (ETFs) have seen three waves of major inflows from the veteran hands in this cycle so far. Bitcoin Coin Days Destroyed Shot Up Alongside Earlier ETF Net Inflows As explained by CryptoQuant author Maartunn in a new post on X, Bitcoin has been observing major reshuffles related to old tokens and the spot ETFs. The spot ETFs refer to investment vehicles that trade on traditional platforms and allow investors to gain exposure to an underlying asset like BTC without having to directly own the asset. The BTC spot ETFs launched in the US in January 2024. Since then, the funds have generally enjoyed growth, with a few periods involving a particularly sharp burst of inflows. The main attraction of the ETFs is that investors unfamiliar with the cryptocurrency world can invest into BTC in a form that’s convenient to them. Related Reading: Safe Haven Split: Bitcoin-Gold Correlation Turns Negative For First Time In 6 Months When a trader invests into such a vehicle, the fund buys an equivalent amount of the cryptocurrency on the client’s behalf. This reflects as an on-chain movement into the wallets associated with the ETF. Below is the chart shared by Maartunn that shows the trend in the 30-day Bitcoin spot ETF netflow since the start of 2024. As displayed in the graph, the Bitcoin spot ETF netflow has seen a few phases of extremely positive values. These naturally correspond to a high amount of demand for the ETFs. Interestingly, there is a pattern common among these large waves of inflows. From the chart, it’s visible that the Coin Days Destroyed (CDD) gave distribution signals alongside the netflow spikes. The CDD is an on-chain indicator that measures the total number of coin days that are being “destroyed” in transactions across the BTC network. A coin day is a quantity that one BTC accumulates after staying dormant on the blockchain for one day. When a token dormant for some number days is moved, its coin days counter returns back to zero. The coin days that it had previously been carrying are said to be destroyed. Generally, spikes in this metric correspond to activity from the diamond hands of the network. These HODLers tend to accumulate a massive amount of coin days with their patience, so when they finally break their silence, large-scale destruction of coin days takes places. The three major Bitcoin ETF net inflow waves of Summer 2024, Fall 2024, and Summer 2025 all accompanied a distribution signal from the CDD, which suggests a rotation of coins happened from the veteran hands to new demand coming through these vehicles. Related Reading: Dogecoin Signal That Nailed The Top Says It’s Time To Buy Since the latest such wave, the ETF netflow has calmed down to the neutral level, meaning demand has gone cold. “ETF inflows are key,” notes Maartunn. “Without strong new demand, selling pressure from new holders could increase.” BTC Price At the time of writing, Bitcoin is trading around $110,500, up 2% over the past week. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
Ethereum exchanges are drying up quickly as ETH exchange ‘flux’ turns negative for the first time ever. Flux, by the way, calculates the cumulative net flow of ETH across all exchanges. A positive flux means there are more ETH deposits, which simply shows people are selling more ETH and buying less. A negative flux balance, however, indicates more outflows of ETH from exchanges than inflows, suggesting aggressive buying among market participants. Data from CryptoQuant also suggests that the balance of ETH on exchanges has now hit a new rock bottom , indicating strong institutional buying. Recently, Yunfeng Financial Group, backed by Chinese tycoon Jack Ma, bought 10,000 ETH worth $44M as part of its reserve strategy. Meanwhile, BitMine Immersion Technologies, the largest institutional holder of ETH, added around 153,000 tokens , taking their stash past the $8B mark with 1.86M ETH in holdings. BitMine, in fact, now holds 1.5% of the total ETH supply. Additionally, three ICO-era whales recently moved $645M worth of Ethereum to a new staking address . These 150,000 ETH were originally bought for just $0.31, and instead of booking $643M in gains, these whales chose to stake the tokens for steady yields. This highlights how institutions increasingly view Ethereum as a yield-generating asset rather than just a speculative bet. Let’s dig into ETH’s technical charts to understand how the next few weeks could pan out. We’ll also suggest the best altcoins to buy now to make the most of this momentum. Ethereum Technical Analysis: Awaiting a Breakout After surging 139% since the beginning of May and teasing the $5K level on August 24, Ethereum has now entered a symmetrical triangle pattern, with key support at around $4,000. A symmetrical triangle typically signals the continuation of a strong bull run. A breakout here could see $ETH quickly reclaim previous highs and march toward $5,500 and beyond. According to Bitbull, a crypto trader with 67K followers on X, $ETH is holding a rising trendline on the daily timeframe. And as long as it doesn’t break below, $ETH remains a good buy . More importantly, as $ETH rises, so does the broader altcoin market, which often delivers astronomical returns. If you’re looking to make the most of Ethereum’s upcoming rally, here are a few cryptocurrencies worth watching right now. 1. Bitcoin Hyper ($HYPER) – Supercharging the Bitcoin Blockchain with Solana-Like Performance Bitcoin Hyper ($HYPER) is the best crypto to buy now thanks to its game-changing mission to improve Bitcoin’s real-world utility. $HYPER is building the first true Layer 2 solution for Bitcoin, aimed at turbocharging the network with lightning-fast speeds, ultra-low fees, and full Web3 compatibility. Why’s this important? Because beyond its appeal as an investment vehicle, Bitcoin doesn’t provide much value to core crypto users: it’s painfully slow, congested, and expensive. By integrating the Solana Virtual Machine (SVM), $HYPER will let developers build smart contracts and decentralized applications on Bitcoin itself. Additionally, a decentralized, non-custodial canonical bridge will let you interact with Hyper’s Web3 environment by converting your native Bitcoin into Layer-2-compatible tokens. You can then use these wrapped $BTC tokens to engage in high-speed DeFi trading, NFTs, lending, staking, and DAOs – all without leaving the Bitcoin blockchain. Buy $HYPER now while it’s still in presale and available at some of its lowest-ever prices. At the moment, 1 $HYPER is priced at just $0.012865, and the project has already raised a whopping $14.1M from early investors. Plus, according to our Bitcoin Hyper price prediction , the token could hit $0.32 by year-end – a staggering 2,400% gain for early buyers. Visit Bitcoin Hyper’s official website for more information. 2. Maxi Doge ($MAXI) – Hype-Driven Meme Coin Gunning for 1000x Returns If you think you’ve leaned a little too much on the cautious side and stacked only mainstream, utility-driven altcoins, consider Maxi Doge ($MAXI) . It’s a new meme coin in presale , fronted by a bulked-up, angrier, and potentially more profitable version of Dogecoin. Maxi is, in fact, Dogecoin’s distant cousin – but the two are anything but close. Dogecoin’s success and ‘cute’ vibe ruined Maxi’s childhood, as his family members were too busy hyping Doge to pay him any attention. Looking for revenge, Maxi found solace in the gym and in front of the charts. He built up his muscles and his crypto brain, crafting both a robust personality and a creative plan to overthrow Doge as the best meme coin on the planet. The plan? Aggressive marketing. Think PR campaigns, influencer collaborations, and social media blitzes. In fact, the project’s developers have reserved a whopping 40% of the total $MAXI supply for marketing purposes. And despite not having any ‘revolutionary’ utility, holding $MAXI could still be extremely rewarding. You’ll get access to holder-only events, like weekly trading competitions and leaderboard prizes. Currently in presale, $MAXI has already pulled in over $1.88M from early investors, with each token priced at just $0.000256. Check out Maxi Doge’s official website for more information. 3. Tutorial ($TUT) – Viral Altcoin Capable of Riding Crypto’s Renewed Momentum Tutorial ($TUT) emerged as one of the top trending cryptos in the June–July rally, gaining a whopping 200%. And now, with another run-up on the cards, the token is again showing signs of a potential explosive move to the upside. It’s up over 16% in the past week, currently trading around $0.06886 – just one big green candle away from its all-time highs. Beyond that, there’s really no resistance stopping the token from going absolutely bonkers and potentially becoming the next 1000x crypto . What’s driving its momentum? Hype and community backing, of course – but $TUT is also one of the few tokens that hits the sweet spot between popularity and utility. As the name suggests, Tutorial is an education-based crypto offering easy-to-understand lessons on topics like setting up a crypto wallet , writing smart contracts, and trading on decentralized exchanges , helping newbies learn the ropes of crypto and blockchain. Wrapping Up Ethereum exchanges are drying up at a record pace, signaling a never-before-seen interest from deep-pocketed players looking to load up as much of the ‘digital silver’ as possible. This trend, combined with a potential interest rate cut in September, could send $ETH and other altcoins straight to the moon. If you want to capitalize on this rally, consider loading up on low-cap, high-upside tokens like Bitcoin Hyper ($HYPER) , Maxi Doge ($MAXI) , and Tutorial ($TUT). That said, kindly remember that the crypto market is highly volatile and unpredictable. This article is not financial advice. Always do your own research before investing.
Altcoin dominance is forming a cyclical bottom near 0.13 as technicals (RSI recovery, volume spikes, trendline breaks) signal a potential shift from Bitcoin dominance around 58% toward higher altcoin market
BitcoinWorld Bitcoin Liquidation: Crucial $114K Recovery Could Trigger Massive $2.5B Short Squeeze The cryptocurrency market is a dynamic arena, often characterized by swift and dramatic price swings. For traders, understanding these movements, especially the potential for significant events like Bitcoin liquidation , is absolutely crucial. Recent analysis highlights a fascinating scenario: a recovery in Bitcoin’s price to $114,000 could unleash a staggering $2.52 billion in short position liquidations across major futures exchanges. This isn’t just a number; it’s a potential catalyst for intense market volatility, making it vital for every crypto enthusiast to pay attention. What is Bitcoin Liquidation and Why Does it Matter? At its core, Bitcoin liquidation occurs when a trader’s leveraged position is forcibly closed by an exchange. This happens because the trader’s margin balance falls below the minimum required level to maintain the position, typically due to adverse price movements. Imagine you’ve borrowed funds to amplify your trading power; if the market moves against you significantly, the exchange steps in to prevent further losses for both you and the platform. Margin Trading: Traders use borrowed funds (leverage) to open larger positions than their capital would normally allow. Risk Amplification: While leverage can magnify profits, it also dramatically increases potential losses. Automatic Closure: When a position reaches a certain loss threshold, the exchange automatically closes it to prevent the trader’s balance from going negative. This forced closure is the liquidation. Understanding liquidation events is key because they can create a domino effect, exacerbating price movements. Large-scale liquidations often fuel further price swings, leading to what’s known as a “short squeeze” or “long squeeze.” The $114K Bitcoin Liquidation Scenario: A Short Squeeze Spectacle The current market sentiment is highly sensitive to price triggers. Should Bitcoin’s value climb towards the $114,000 mark, we could witness a significant market event. Data suggests that approximately $2.52 billion (equivalent to 3.5 trillion Korean Won) in short positions would be liquidated at this level. A short position is a bet that an asset’s price will fall. When the price instead rises sharply, these short positions become unprofitable, and exchanges are forced to close them. This scenario is often referred to as a “short squeeze.” Here’s how it works: Traders who bet against Bitcoin (short sellers) face mounting losses as the price rises. To close their losing positions, these traders must buy Bitcoin back, which adds further buying pressure to the market. This additional buying pressure pushes the price even higher, triggering more liquidations, and creating a powerful upward momentum. Such a massive Bitcoin liquidation event could provide a strong bullish impulse, potentially propelling BTC’s price beyond the initial trigger point as the market absorbs these forced buy orders. What Happens if Bitcoin Drops? The Long Liquidation Threat Below $107K Conversely, the market presents risks in the other direction as well. While the potential for a short squeeze is exciting, a downside movement could be equally impactful. If Bitcoin’s price were to drop below $107,000, the market could see an estimated $5.1 billion (7.1 trillion Korean Won) in long positions liquidated. A long position is a bet that an asset’s price will rise. When the price falls sharply, these long positions become unprofitable. To close their losing positions, these traders must sell Bitcoin, which adds selling pressure to the market. This is known as a “long squeeze” or simply long liquidation. According to CoinMarketCap, BTC is currently trading at $110,798.88, reflecting a 1.78% dip over the past 24 hours. This current price point sits right in the middle of these two critical liquidation thresholds, highlighting the extreme sensitivity and potential for volatility in the near term. Traders must therefore be prepared for scenarios in both directions, as significant Bitcoin liquidation cascades can dramatically alter market dynamics within a short period. Navigating Bitcoin Liquidation: Strategies for Savvy Traders For those participating in the crypto markets, understanding these liquidation levels isn’t just academic; it’s a critical component of risk management and strategic planning. Here are some actionable insights: Monitor Liquidation Heatmaps: Tools that visualize potential liquidation levels can offer insights into areas of high market sensitivity. Manage Leverage Wisely: High leverage amplifies both gains and losses. Use it cautiously and understand your risk tolerance. Set Stop-Loss Orders: These orders automatically close your position if the price reaches a certain level, helping to limit potential losses and prevent forced liquidation. Stay Informed: Keep an eye on market news, technical analysis, and on-chain data to anticipate potential price movements that could trigger significant Bitcoin liquidation events. The crypto market is unforgiving, and being caught on the wrong side of a large liquidation event can be costly. Proactive risk management is always the best defense. In conclusion, the potential for a Bitcoin liquidation cascade, whether from a surge to $114,000 or a dip below $107,000, underscores the inherent volatility and high-stakes nature of cryptocurrency trading. These thresholds represent not just price points, but significant psychological and financial barriers that could unleash billions in forced position closures. For traders and investors alike, staying informed and employing robust risk management strategies are paramount to navigating these turbulent waters successfully. The market is currently poised at a critical juncture, and understanding these dynamics will be key to anticipating its next dramatic move. Frequently Asked Questions (FAQs) Q1: What is a short squeeze in Bitcoin trading? A short squeeze occurs when the price of Bitcoin rises sharply, forcing traders who bet on a price drop (short sellers) to buy back BTC to cover their positions. This forced buying further pushes the price up, creating a rapid upward movement. Q2: How does leverage impact Bitcoin liquidation? Leverage allows traders to control larger positions with less capital. While it can amplify profits, it also magnifies losses. With high leverage, even small adverse price movements can lead to a trader’s margin falling below the required level, triggering a rapid liquidation. Q3: Are liquidation events predictable? While the exact timing is difficult to predict, analysts can identify “liquidation zones” where large volumes of short or long positions are clustered. Tools like liquidation heatmaps help visualize these potential trigger points, allowing traders to anticipate areas of high market sensitivity. Q4: What is the difference between a long position and a short position? A long position is a bet that an asset’s price will increase, so a trader buys with the expectation to sell higher. A short position is a bet that an asset’s price will decrease, so a trader sells borrowed assets with the expectation to buy them back cheaper later. Q5: How can traders protect themselves from liquidation? Traders can protect themselves by using appropriate risk management strategies such as setting stop-loss orders, avoiding excessive leverage, monitoring their margin levels, and diversifying their portfolios. Understanding market dynamics and potential liquidation levels is also crucial. Did this article shed light on the dramatic potential of Bitcoin’s price movements? Share your thoughts and this article with your fellow crypto enthusiasts on social media to help them understand the critical role of liquidation events in shaping the market! To learn more about the latest Bitcoin market trends, explore our article on key developments shaping Bitcoin price action. This post Bitcoin Liquidation: Crucial $114K Recovery Could Trigger Massive $2.5B Short Squeeze first appeared on BitcoinWorld and is written by Editorial Team
As XRP has remained bearish for several weeks, analysts are warning that now may be the last opportune moment to buy XRP cheaply. In a tweet on Friday, Versan Aljarrah, co-founder of Black Swan Capitalist, expressed this perspective. Aljarrah said this month may be the last time investors get to buy crypto assets like XRP at low valuations."Last Month to Buy XRP Low"XRP is currently selling at $2.81, the same level it has held since last week. The current price represents a 6.2% dip from where it traded a month ago. During this time, the price dropped to $2.69 before slightly recovering. Bitcoin has mostly driven the bearish sentiment in the market during this period. Trading at $110,800 today, BTC is down 11% from its August all-time high of $124,457. Bitcoin turned immediately bearish after reaching this peak 23 days ago.Now, market analysts are calling for the next bullish phase for crypto as the market has remained sideways and mostly bearish for several weeks, and they believe a rebound is due.Banking on this perspective, Aljarrah suggested that those not seizing the opportunity to buy XRP now may lose out and face higher valuations soon.3 Other Analysts Calling for a New XRP Bull RunIn a separate post, crypto analyst Ripple Van Winkle highlighted that since XRP has dropped 25% from its July peak of $3.65, signs of a rebound are now compounding. He cited whale accumulation as a bottom indicator.With support at $2.70, he suggested $2.90 is the resistance level for XRP to break. If cleared, the next target is $3.70. Meanwhile, he noted this momentum could see XRP extend to the $5 price range.Likewise, analyst Dark Defender said XRP has completed its Wave 4 correction and is ready for a rebound.Dark Defender believes XRP is following a five-wave Elliott Wave pattern and is now entering the bullish fifth wave, with a projected target of $4.39. However, the rally depends on XRP holding the $2.85 support level, which aligns with the 23.6% Fibonacci retracement.XRP is currently trading near this support and has continued holding above $2.80 over the past week.Separately, analyst EGRAG highlighted three bullish signals for XRP: a strong monthly chart structure, support above key Fibonacci levels (notably $1.99), and price holding above the 21 EMA.He predicts a near-term target of $3.90, with long-term goals as high as $46 — potential gains of up to 1,543%. The bull run, he says, remains intact unless these technical supports break.Essentially, many analysts believe the days of XRP trading under $3 are rapidly coming to an end, and they see new highs beyond the $5 price point.Market ReactionMeanwhile, market participants responding to Aljarrah's post do not share his optimism. Some say a major correction could still occur. Others point out that XRP bulls like him have been calling for a "last chance" to buy XRP for several weeks while prices have not advanced significantly.At the same time, some believe a new bull run could be underway.
Mizuho Bank stated that the August US nonfarm payrolls report clearly revealed the weakening of the labor market. According to the report, employment, working hours, and income growth rates have fallen back to pandemic-era levels. The bank stated that regardless of inflation's trajectory, the Fed is almost certain to cut interest rates at its September meeting. While a 25 basis point cut is seen as the baseline scenario, a 50 basis point cut is more likely if August inflation falls below expectations. Related News: Analyst Warned: “Miners May Be Forced to Sell Bitcoin!” - Explained the Reason According to Mizuho, the Fed's previous inflation forecasts have been “disappointed by reality,” and its 2026 unemployment rate target is also in jeopardy. The bank argued that the Fed was being too pessimistic about inflation and too optimistic about the labor market. The Fed is expected to enter a sustained interest rate reduction cycle in the coming period, bringing interest rates to a “neutral” level of around 3% by March 2026. The possibility of the new Fed chair increasing stimulus and lowering interest rates to as low as 2% is prominent. However, Mizuho noted that the biggest risk is a resurgence of inflation, in which scenario at least some stimulus could be withdrawn by 2027. *This is not investment advice. Continue Reading: Japan Bank Managing $1.9 Trillion Announces: “The Fed Is Cornered” – Here’s What Will Happen
Former U.S. presidential candidate and Libertarian icon Ron Paul has stated that Bitcoin should be allowed to function as a currency in the USA and compete against the Dollar. The 90-year-old retired politician is known for his Libertarian credentials and his efforts to support free-market trade in the country, a concept that has been overshadowed by the era of massive corporations and governments subsidizing their success. Why Libertarians Like Ron Paul Love Crypto? The former 12-time US Congressman famously ran against the neoconservative Mitt Romney during the 2012 US Presidential election’s Republican primary, but couldn’t win the nomination. His seemingly radical ideas of Federal Reserve audits, borderless trade, and decentralization were ahead of their time and aligned with the ethos promoted by the cryptocurrency revolution. The cryptocurrency revolution began in 2008, during the height of the financial crisis, and proposed an open-source monetary transfer mechanism that offered a vision of a borderless future. Many of the early adopters of Bitcoin included online privacy advocates, cypherpunks, and Libertarians. For the latter, crypto was a way to challenge the supremacy of the central banks and their hegemony. Rand Paul Continues Father’s Stance Many with Libertarian tendencies look at the 2012 presidential election as a major missed opportunity to bring the USA back to its constitutional roots, instead of overstretched global roles. His son, Senator Rand Paul (R-KY), has also continued his line on a number of political positions, including that on crypto. The senator said back in a 2021 Axios interview : “Here is what I have started to believe now: that the government currencies have become so unreliable. They are also fiat currencies, backed by nothing. The dollar has been the most stable among currencies, which is why it is the reserve currency. I’ve now actually started to question whether or not cryptocurrency could actually become the world’s reserve currency as more and more people lose confidence in the government”. However, Rand Paul and other Libertarian-leaning politicians don’t see eye-to-eye with the current US government setup and its efforts to promote crypto in the country. Senator Paul recently voted down a Trump-led proposal to allow stablecoin transactions in the country, calling them counterproductive to the cause. Libertarian tendencies are on the rise in the USA, with even President Donald Trump famously delivering a speech through the platform before his re-election in 2024. However, the monetary status quo is likely to engage in some backlash against crypto in the future, and Libertarians are once again predicted to take crypto’s side.
Sora Ventures has announced the launch of Asia’s first Bitcoin treasury fund during Taipei Blockchain Week. Backed by a $200 million commitment from regional partners and investors, the fund aims to acquire $1 billion worth of Bitcoin over the next six months. BTC Treasury Fund Unlike existing individual treasury firms in Asia, such as Japan’s Metaplanet, Hong Kong’s Moon Inc., Thailand’s DV8, and South Korea’s BitPlanet, which hold Bitcoin directly on their own balance sheets, the Sora Ventures fund will serve as a centralized pool of institutional capital. The main objective of the company is to support these existing firms while also encouraging the development of new BTC treasuries worldwide. In its official press release, Sora Ventures also said that the fund will focus on creating “synergies between regional and international treasuries” to strengthen BTC’s role as a reserve asset across markets. Sora Ventures’ management team has been tasked with guiding the fund and bringing in new institutional investors and collaborators to strengthen Asia’s Bitcoin treasury network. The initiative will help connect existing and emerging treasury firms, increase available capital, and foster a more integrated ecosystem for corporate BTC holdings across the region. Asia in Bitcoin Big League While the largest Bitcoin treasuries and corporate adoption have historically been US-centric, Asia is now stepping up as a major player in institutional Bitcoin markets. On that aspect, Sora Ventures founder and Managing Partner Jason Fang commented, “Asia has been one of the most important markets for the development of blockchain technology and Bitcoin. We have seen a rise in interest from institutions investing in Bitcoin treasuries in the U.S. and EU, while in Asia, efforts have been relatively fragmented. This is the first time in history that institutional money has come together, from local to regional, and now to a global stage.” Metaplanet continues to lead as Asia’s largest corporate Bitcoin holder, as it recently added 1,009 BTC to reach a total of 20,000 BTC. Meanwhile, another Asian player, Taiwan-listed WiseLink, became the first company in the country to adopt a Bitcoin Treasury Strategy. The post $1B Bitcoin Treasury Fund from Sora Ventures Launches in Asia appeared first on CryptoPotato .
Bitcoin (BTC) has recently reached a new weekly high above the $112,000 mark, signaling a potential new uptrend for the leading cryptocurrency. This movement may represent the final phase of the current cycle for Bitcoin and the broader cryptocurrency market. Market analyst CryptoBirb has indicated that this uptrend could last for approximately 50 more days, emphasizing that Bitcoin is now 95% through its cycle, which has spanned 1,017 days since the lows of November 2022. 50 Days Until Possible Bitcoin Peak Historically, Bitcoin’s bull markets have peaked between 1,060 and 1,100 days after significant lows, suggesting a target timeframe for this cycle’s peak could fall between late October and mid-November 2025. The analysis highlights the typical relationship between Bitcoin’s Halving events and subsequent price peaks. Since the last Halving in April 2024, 503 days have passed, with past data showing that price peaks usually occur 518 to 580 days following such events. Related Reading: First US Dogecoin ETF Could Debut Next Week—How Will It Impact Price? As seen in the chart below, Bitcoin is currently 77% to 86% of the way through this timeline, entering what the analyst refers to as the “hot zone”—a period of heightened volatility and potential price movements. However, CryptoBirb cautions that historical trends indicate that after reaching a peak, Bitcoin typically experiences a significant decline, often dropping by 70% to 80% over a 370 to 410-day timeframe. This bearish phase is projected for approximately the first and second quarter of 2026, with a historical probability of a bear market in that year reaching 100%. Before this potential downturn, the analyst expects a final surge, with about 50 days remaining before the market may peak. September, often recognized as a weaker month for Bitcoin, has shown an average decline of 6.17%. Although third quarter statistics can be mixed, with a median increase of 0.80%, the overall average tends to reflect a decline due to larger losses. The typical seasonal pattern suggests that a poor September could be followed by stronger performance in October and November, with September 17 identified as a crucial date to watch by the analyst. Critical Support And Resistance Levels On the technical front, Key support levels are identified at the 50-week simple moving average (SMA) of $95,900 and the 200-week SMA at $52,300. The daily chart reveals further technical insights, including a 200-day breakout point at $111,000 and a 200-day SMA at $101,000. CryptoBirb has identified local support between $107,700 and $108,700, while resistance sits at $113,000 to $114,100. Related Reading: XRP Price Could See 20% Bounce To $3.4 If This Trendline Holds Looking ahead, both short-term and long-term trading trailers are currently in a bearish mode. CryptoBirb asserts that if Bitcoin falls below the critical levels of $107,000 to $108,000, bearish sentiment could intensify, potentially leading to secondary corrections in the range of 20% to 30%. Fortunately, cryptocurrency miners appear to be faring well, with the mining cost established at $95,400, suggesting a healthy market environment with minimal capitulation risk. Lastly, the analyst cautions against the potential for a market peak leading into the altcoin season in October and November. CryptoBirb suggests to mark calendars for October 22, as it could be a pivotal date in Bitcoin’s cycle. As of this writing, Bitcoin trades at $112,886, down nearly 11% from all-time high levels. Featured image from DALL-E, chart from TradingView.com