It is with a mixture of trepidation and amusement that one must observe the current state of Bitcoin, wherein its investors-those intrepid souls who once fancied themselves masters of fortune-are now left to ponder whether the crest of this cycle has already graced us with its fleeting presence. A crash, they whisper, looms ominously on the horizon, like an ill-mannered guest at a ball who refuses to take his leave.
Yet, dear reader, all is not lost! For amidst these dire prognostications, certain critical bastions of support remain, offering the possibility of bolstering the asset’s value and ushering in yet another act of bullish revelry. Whether such hopes are founded upon reason or mere whimsy remains to be seen.
By yours truly, Shayan (who humbly submits this account).
The Daily Chart: A Tale of Ascent and Descent
Upon perusing the daily chart, one cannot help but marvel at Bitcoin’s recent ascent within a long-term ascending channel-an endeavor most commendable, as it shattered numerous resistance levels before achieving a new pinnacle above $124K. Alas, pride goeth before a fall, and so it was that the price tumbled forthwith from said channel with alarming vigor.
Now, the beleaguered cryptocurrency finds itself gravitating toward the formidable $110K-$112K support zone, which coincides neatly with the 100-day moving average. The outcome of this encounter shall doubtless shape the narrative for weeks and months hence; either the bulls shall rally valiantly, or the bears shall seize dominion and drive prices into further disarray. Who shall prevail? Ah, ’tis the question that keeps us all awake at night-or perhaps just staring at our screens in rapt fascination.
The 4-Hour Chart: A Battle Royale at $112K
Turning our attention to the 4-hour chart, we find the $112K mark standing resolute as the previous swing low-a veritable Maginot Line against bearish incursions. Should this bastion fail, however, the market structure shall tilt decidedly toward the bears, much to their delight and the chagrin of hopeful buyers.
To add insult to injury, the Relative Strength Index (RSI) languishes below the 50 mark, signaling an unmistakable bearish momentum, while inching perilously close to oversold territory. Should the $112K support crumble, one can scarcely imagine what calamity awaits, save perhaps a descent toward the $104K bullish fair value gap-a region steeped in historical significance and ripe for potential reversal, should providence smile upon the bulls.
Onchain Analysis: The Curious Case of Active Addresses
Active Addresses: Wherefore Art Thou?
Behold the chart of Bitcoin’s active addresses, smoothed over a 100-day period. Though the price of BTC hath soared to unprecedented heights above $113K, the number of active participants appears curiously indifferent to such grandeur. One might say it resembles a soirée where guests arrive solely to admire the draperies, leaving the refreshments untouched.
This divergence between price and network activity gives rise to no small measure of consternation. Historically, robust bull markets have been accompanied by a flourishing of active addresses, indicative of growing adoption and engagement. Yet here we find ourselves confronted with quite the opposite: a decline in unique participants even as prices flirt with record levels.
If this trend persists, one fears the foundations of the rally may prove as insubstantial as a house of cards built upon shifting sands. And thus, dear reader, we are left to wonder whether Bitcoin’s current splendor is but a gilded façade, destined to collapse under the weight of its own contradictions.
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2025-08-21 15:58