Is this the start of a deeper correction for Bitcoin?
Bitcoin (BTC) is experiencing a potential "deeper correction" as profit-taking leads to a temporary halt in its bull market. BTC/USD has dropped 8%, falling below previous all-time highs, with a correction nearing $9,000 from its peak. Onchain analytics from CryptoQuant indicates that Bitcoin's demand metrics may be reaching a short-term top, suggesting a pause in the rally. Demand growth in the last 30 days is at 229K, close to a previous high of 279K in December 2024. Whale-held Bitcoin balances have increased by 2.8%, often signaling a slowdown in accumulation. Analysts predict a deeper pullback, with key support levels being tested. Trader Mags noted that BTC's rejection at previous highs could indicate the start of this correction. Aksel Kibar maintains a bullish outlook as long as BTC stays above $73.7K, with a midterm target of $137,000, while CryptoQuant suggests $120,000 as a significant profit-taking level.
