INSUBCONTINENT EXCLUSIVE:
highest level since November 2024, and profit-taking hit record highs.Despite panic selling, over 196,600 BTC was accumulated in the
daily chart since early May, forming a bearish engulfing candle confirmed by a shooting star pattern
This comes after a 19% rally over the past 21 days, possibly signaling exhaustion
level since November 2024
The MPI measures how much Bitcoin miners send to exchanges relative to its one-year average
A high reading suggests an increased likelihood of selling
Source: CryptoQuantAdding to this cautionary outlook, realized profit and loss (P&L) from BTC deposits to centralized exchanges hit an
all-time high of $9.29 billion, signaling aggressive profit-taking
Crypto analyst Crazzyblockk explained that these metrics point to a high-risk zone where short-term volatility may intensify, even as the
Those bright red highlights are when both conditions occur
Interest analysis by Hyblock
selling, with nearly 50,000 BTC offloaded at a loss within 24 hours, according to Bitcoin researcher Axel Adler Jr
Source: Axel Adler Jr/XHowever, data suggests the pullback was met with stronger buying interest
longer-term trajectory.From a technical perspective, Bitcoin remains firmly within its bullish long-term structure as long as it
consolidates above the $112,000 level
Following a 19% rally, a period of sideways movement or a minor pullback is a healthy reset, allowing the market to cool off, flush out
excess leverage, and shake out weaker hands.While the recent bearish engulfing pattern may signal short-term exhaustion or a potential
reversal, it does not yet invalidate the broader uptrend
As long as key support levels hold around $112,000, the probability of BTC resuming its upward momentum remains high.Related: Bitcoin 'not
at peak yet': Watch these BTC price levels nextThis article does not contain investment advice or recommendations
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
