Bitcoin Price Stop for $113K as Demand Dey Cool
Bitcoin price don dey trade round $113,000 for di past week as less demand and profit-taking dey weigh down di market. Bitcoin price don lose about 8% within seven days and e dey sit 8.4% below im all-time high of $124,128. According to CryptoQuant data, open interest for Bitcoin futures don drop by 0.36% to $37.9 billion, while 24-hour trading volume fall by 7.3% to $66.4 billion. Market accumulation of BTC drop sharply from 174,000 in July to 59,000 now. ETF net purchases also hit four months low of 11,000 BTC. Big investors don realize about $74 billion profit since early July, wey add selling pressure. CryptoQuant Bull Score move from “Extra Bullish” go “Bullish Cooldown,” dem dey show momentum dey fade. Support fit show near $110,000 if holders fit defend dat level. But as demand continue to cool and profit-taking dey happen, e show say more consolidation go happen before any solid uptrend.
Bearish
Di report show say demand don slow down wella as profit-taking dey rise, plus open interest and trading volume dem dey fall. This kain movement na like before dem call consolidate—like mid-2021—wey Bitcoin jam pause after e quick gain and big big holders con collect their profits. CryptoQuant comot from “Extra Bullish” go “Bullish Cooldown” still show say momentum dey fade. For short term, traders go stay cautious, wey fit make price just waka side to side or come down. For long term, to get better uptrend again, institution and retail demand need to show again. Until buying pressure come back, di market go dey range bound plus limited upside, e mean say outlook na bearish.