As buying pressure eases and more traders begin to take profits, cryptocurrency analysts suggest that Bitcoin's upward momentum over the past three months may be losing steam.
"Momentum has started to wane for the first time in this uptrend," Bitfinex analysts stated in a market report on Monday.
According to CoinMarketCap data, Bitcoin (BTC) has surged nearly 41% to $107,380 since it fell to a year-to-date low of $73,273 on April 9.
However, analysts warn that order flow data and on-chain indicators suggest that Bitcoin may be entering a consolidation phase or reaching a local top, "rather than continuing a vertical acceleration."
"Spot trading volume has cooled, active buying pressure has weakened, and profit-taking has intensified—especially among short-term holders who have seen prices rise from below $80,000," they added.
Analysts indicate that Bitcoin's next move will depend on macro factors and sustained institutional demand, particularly from ETF inflows.
According to Farside data, U.S. spot Bitcoin ETFs have recorded inflows for 14 consecutive trading days since June 9, with a net inflow of $4.63 billion as of June 27.
Economist Timothy Peterson described last week's $2.2 billion inflow as "huge" and expects this momentum to continue this week. "There is also a 70% probability of a positive week next week, which is usually associated with upward price pressure," Peterson said.
Meanwhile, Bitcoin traders will closely monitor the Federal Reserve's interest rate decision on July 30, as lower rates are generally favorable for cryptocurrencies. According to the CME FedWatch tool, the market currently estimates a 19% probability of a rate cut at this meeting.
Despite short-term uncertainties, analysts say the broader market structure remains strong, with support levels on higher time frames still holding. "Current data points to a transitional phase," they said.
Some analysts remain bullish. Economist Donald Dean stated, "Bitcoin is poised to break upward through tight consolidation on the volume platform."
Charles Edwards, founder of Capriole Investments, recently argued that despite recent purchases of the asset by institutions and corporations, selling pressure from long-term holders has hindered Bitcoin's price growth.
"People wonder why Bitcoin has stayed around $100,000 for so long, despite institutional FOMO," he added, attributing this mainly to Bitcoin's old players—long-term holders—who have been "selling to Wall Street" and "liquidating positions" since the launch of the spot Bitcoin exchange-traded fund in January 2024.
Related: Bitcoin (BTC) price range oscillates, but needs a new round of demand to drive upward
This article does not contain investment advice or recommendations. Every investment and trading involves risks, and readers should conduct their own research when making decisions.
Original article: “Bitfinex: Bitcoin (BTC) 'Vertical Acceleration' Temporarily Paused”
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