Bitcoin Rally Hits Wall as Price Stalls Below $104K, Analyst Cites Derivatives Pressure
Bitcoin surged above $104,000 earlier this week, achieving a nearly 10% weekly gain, but has since faced resistance, trading at $103,663 with a 1.7% increase over the past 24 hours. The slowdown is attributed to the derivatives market, where cumulative net taker volume has remained negative since Bitcoin surpassed $100,000, indicating more aggressive sell orders than buy orders. This trend reflects trader uncertainty about Bitcoin's short-term potential to reach new all-time highs, despite positive long-term sentiment. Technical analyst Javon Marks identified a bull flag pattern suggesting a possible continuation of the bullish trend, which could lead to renewed upward pressure. Marks also noted that altcoins are mirroring behaviors from previous market cycles, potentially signaling an upcoming broader altcoin rally following Bitcoin's movements.
