Key Points:
The weak momentum in Bitcoin's price has led to a downward adjustment of targets, with Wyckoff analysis warning that the $100,000 support may be at risk of being breached.
Due to rejection on the daily timeframe, the recent surge to $122,000 looks "bad."
Attention continues to focus on the CME gap near $117,500.
The bullish trend for Bitcoin (BTC) faces the risk of an early end, as new targets below $100,000 emerge.
Traders, including ZAYK Charts, released the latest market analysis on Tuesday, warning that Bitcoin is still in the "distribution phase."
Bitcoin may breach the $100,000 support, as recent prices struggle to maintain above the historical high from early 2025.
ZAYK Charts noted that there is still downside potential in the $95,000 range, which has not been touched since early May.
Using Wyckoff theory, ZAYK Charts believes that BTC/USDT has completed a typical markup phase and has entered the "distribution" phase, where upward trends typically reverse.
A post on platform X stated: "After a strong accumulation phase from March to April, confirmed by a bullish relative strength index (RSI) divergence, BTC entered a strong markup phase, reaching new highs."
Since last November, BTC has fluctuated multiple times in the $92,000 to $95,000 range, which has served as both support and resistance amid market volatility.
Trader Mikybull Crypto further stated that the $122,000 price action faced a pullback this week, describing the trend as "bad."
He told his followers on X that BTC/USD has re-entered the previous range, benefiting altcoins the most.
THIS IS UGLY FOR BITCOIN BACK TO THE RANGE BY THE WAY, WHICH IS SUPER GOOD FOR ALTS pic.twitter.com/6HsvqkmdgT
Other market views are less clear, with trader Daan Crypto Trades being one of those focusing on the CME Group Bitcoin futures gap.
"BTC is retesting the trendline it previously broke. The 200-day SMA/EMA on the 4-hour chart is right below," he wrote on X on Tuesday.
As key macroeconomic data from the U.S. is set to be released, market expectations for volatility are rising, with the July Consumer Price Index (CPI) being published on the same day.
As reported by Cointelegraph, market participants generally believe that any abnormal results will have an immediate impact on cryptocurrencies and risk assets.
Related: Paxos Resumes U.S. Bank License Application as Stablecoin Regulatory Rules Take Shape
Original: “Bitcoin (BTC) Shows 'Ugly Candle': Bulls Hold $95,000 Target Price”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
