Bitcoin has experienced significant volatility, with analysts expressing concern over its ability to maintain a position above the critical all-time high set in December 2024. As reported by Cointelegraph, failure to hold this level during weekly close could trigger a substantial market correction. Recently, Bitcoin’s price dipped below an important support level, initially reached late last year, as profit-taking has hindered the bullish momentum.
A fresh analysis from CryptoQuant highlights that several on-chain metrics for Bitcoin might be indicating a short-term peak, suggesting a temporary slowdown in the prevailing uptrend. Over the last month, net demand surged to 229,000 BTC, nearing the previous high of 279,000 BTC recorded in December 2024. Whale activity has also risen, with holdings increasing by 2.8% recently, traditionally a signal of waning accumulation. At a price point of $111,000, unrealized profits have climbed over 30%, raising further doubts about the continuation of the upward trajectory.