Analytics platform Swissblock reports that Bitcoin (BTC) is struggling to surpass a major resistance level just below its all-time high.
Swissblock notes that Bitcoin is “stalling below $110,000,” with a broad trading range forming between $100,000 and the resistance point. This consolidation phase indicates pressure on the upward trend.
“Consolidation may last, but one thing’s clear: No breakout without strong fundamentals.” — Swissblock
Currently, Bitcoin trades around $104,447, approximately 7% below the recent peak near $112,000.
Earlier, Swissblock cautioned that failure to break out due to lack of new investor inflows could result in a double-top pattern, a bearish signal characterized by two consecutive peaks signaling strong resistance.
A joint report by Swissblock and on-chain analyst Willy Woo, called Bitcoin Vector, shows declining BTC liquidity over recent days. This suggests lower trading volumes, reduced transactions, and less market activity.
“Network growth remains stable, and participants are not leaving the market. Profit-taking is low, indicating limited selling pressure.” — Bitcoin Vector
Despite lower liquidity, Bitcoin Vector considers a further price correction unlikely given the stable network growth and minimal selling.