Bitcoin Price Flashed 3 Bullish Hints in a Week and None Delivered a Breakout
BeInCrypto
Bitcoin has repeatedly failed to break out despite bullish technical signals, as weakening whale and long-term holder conviction hinder momentum.Summary
Bitcoin has exhibited three bullish divergences on its 8-hour chart within a single week, yet each attempt to rally has stalled at the $69,182 resistance level. While these technical signals typically precede reversals, on-chain data suggests a lack of underlying momentum. Specifically, the number of whale-tier wallets is declining, and long-term holder conviction has dropped by nearly 47% since late March. Furthermore, a dense supply cluster at $69,422 creates a significant selling wall. To confirm a breakout, Bitcoin must achieve an 8-hour close above $69,920, while failure to maintain support at $66,624 could signal further downside.
(Source：BeInCrypto)