Bitcoin Hits ‘Wall Of Resistance,’ CryptoQuant Research Head Warns
Bitcoin’s latest rally has run into a major technical and on-chain resistance zone, with CryptoQuant research head Julio Moreno warning that several indicators now point to elevated correction risk after a sharp rebound from April lows. Moreno said CryptoQuant had been flagging a potential pullback for weeks, citing high unrealized profits, a spike in profit-taking across spot and futures markets, slowing US spot demand, and resistance from both technical and on-chain price levels. The firm’s latest analysis frames Bitcoin’s move toward the 200-day moving average as a critical test for....
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As Binance continues to be surrounded by FUD, here’s what the CryptoQuant head thinks regarding the possibility of a bank run. Can Cryptocurrency Exchange Binance Go The Way Of FTX? In a new post on X (formerly Twitter), Julio Moreno, the Head of Research at the on-chain analytics firm CryptoQaunt, has talked about whether Binance […]
Wintermute said Bitcoin’s latest rally has failed its first major macro test, arguing that the move was driven more by leverage and short covering than by durable spot demand. In its May 18 market update, the trading firm pointed to hot inflation, rising Treasury yields, ETF outflows and renewed rate-hike pricing as the backdrop behind a sharp reversal across digital assets. “Last week we said we’d find out fast what kind of rally this was. We found out,” Wintermute wrote. “BTC failed at the 200-day on the first real macro shock, which tells you it was the squeeze driving it all....
CryptoQuant’s research head has pointed out how demand to absorb Bitcoin at higher prices has been low recently, potentially explaining the asset’s decline. Bitcoin Apparent Demand Metric Has Turned Red Recently In a new post on X, Julio Moreno, head of research at on-chain analytics firm CryptoQuant, has looked at recent BTC market dynamics from a different angle. “Instead of looking at Bitcoin long-term holder distribution/spending, I like to look at the other side of the trade,” noted Moreno. Related Reading: Crypto Analyst Maps Out Dream Ethereum Scenario To....
Bitcoin managed to hit $16,000 on Wednesday after repeatedly eyeing the psychological resistance level for weeks.
Bitcoin bull run is about to hit a hard wall of resistance, according to independent financial analyst Josh Rager.