Bitcoin Price Stalls Below $104K Amid Derivatives Market Pressure
Bitcoin surged above $104,000 earlier this week, gaining nearly 10% weekly. Currently, BTC trades at $103,663, up 1.7% in 24 hours. After the rally, upward momentum has slowed due to resistance levels.
Derivatives Market Activity Signals Short-Term Uncertainty
Analyst Darkfost noted that the derivatives market is causing stagnation, with cumulative net taker volume negative since BTC surpassed $100,000. This indicates more aggressive sell orders than buy orders, leading to downward pressure on prices.
- Negative net taker volume suggests traders expect prices to drop.
- Traders show increased uncertainty about Bitcoin reaching new all-time highs.
- Long-term sentiment remains positive despite short-term doubts.
Bitcoin Technical Setup Hints at Bullish Continuation
Technical analyst Javon Marks identified a bull flag pattern, indicating potential continuation of Bitcoin's bullish trend. A confirmed breakout could lead to renewed upward pressure.
- Altcoins may follow Bitcoin’s moves, similar to patterns observed in 2017 and 2021.
- A broader altcoin rally could occur following Bitcoin’s trajectory.
