Key takeaways:
So, Bitcoin’s Doji candle and a bullish chart fractal are whispering sweet nothings about a rally to $120,000. Who knew candles could be so dramatic? 🕯️
Bitcoin HODLers are gobbling up freshly sold BTC like it’s the last slice of pizza at a party. Historically, that’s a good sign for prices. 🍕
Bitcoin (BTC) decided to break free from its descending trendline pattern after forming a local bottom at $100,300 on June 6. Now it’s strutting its stuff, ready to retest its all-time high. Talk about a comeback! 💃
On the weekly chart, a Doji candle has emerged, absorbing all that sell-side liquidity like a sponge. With its tiny body and long wicks, it’s basically the indecisive friend at a restaurant. But hey, this indecision might just be the calm before the price storm! 🌪️
However, crypto analyst Jackis is playing the cautious card, reminding us that this weekly Doji needs a little confirmation. He quipped:
“A weekly #Bitcoin Doji after rejecting swing highs the week before means nothing by itself. Literally the same thing happened before Covid (different context this time though). We need to see the price confirming with a break higher—if so, only then we run.”
Meanwhile, crypto trader Krillin is all about the fractals, pointing out a pattern between BTC’s price action after its ETF approval in January 2024 and what’s happening now. This pattern features a “god candle.” Yes, you heard that right—a god candle! It’s like the superhero of candles, hinting at a strong upward move. Historically, these fractals have a 70–80% accuracy in forecasting trend reversals. No pressure! 🦸♂️
In early 2024, BTC had a glow-up after a consolidation phase. With Bitcoin chilling above $106,000 as of June 9, we might just be on the brink of a breakout sending prices soaring toward $110,000–$120,000. Buckle up! 🎢
The Bitcoin market now favors holders
In a plot twist, market sentiment has shifted toward accumulation. According to Bitcoin researcher Axel Adler Jr., average spot trading volumes on centralized exchanges (CEXs) have plummeted to levels last seen in October 2020. It’s like a ghost town out there! 👻
Data from CryptoQuant shows spot market volumes falling to just $965.6 million, while futures trading is still partying hard. This suggests that investors are entering a “HODL” mode, reminiscent of the accumulation phase that preceded Bitcoin’s explosive rally in late 2020. Can we get a round of applause for patience? 👏
Onchain analyst Boris is here to spill the tea on the diverging behavior between short and long-term Bitcoin holders. Over the past 30 days, short-term holders (STHs) have distributed 592,000 BTC as BTC rallied toward $110,000, signaling uncertainty or profit-taking. Meanwhile, long-term holders (LTHs)—those wise souls holding BTC for over 155 days—have accumulated 605,000 BTC since the all-time high. Boris explained:
“While short-term holders are exiting, long-term holders are stepping in. This suggests that the ongoing uptrend is not just speculative—it’s structurally supported by strong hands.”
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2025-06-09 22:08