Bitcoin's Fiery Run Cools Down: Demand Dips, Prices Slip

From Soaring Highs to a Stalling Climb

Listen up, crypto fans! Bitcoin's wild ride is hitting a speed bump. The buzz around the digital gold is fading, and the numbers aren't lying: we might be in for a deeper dip. Brace yourselves!

The Heat's Off: Accumulation Slows to a Crawl

Hold onto your hats! CryptoQuant's top brainiac, Julio Moreno, dropped a bombshell on June 19. Bitcoin's been riding high, touching that sweet $112,000 mark in May, but now? The rush to stack sats has slammed the brakes. Over the past month, the demand's shriveled to just 118,000 BTC, a far cry from the 228,000 BTC we saw at the end of May. And get this: the big whales and those U.S. ETFs? They've slashed their buys by over half! Meanwhile, the newbies are bailing, dumping 800,000 BTC since May 27. Yikes!

Traders Play the Switcheroo: Shorts on the Rise

Bitcoin couldn't hold onto $110,000, and now traders are flipping the script. They're cashing in their chips and betting against the king of crypto. As Bitcoin tumbles toward $105,000, short interest's spiking, according to CryptoQuant's Traders' Behavior Dominance metric. It's a wild scene out there!

Stagnant Demand: The Real Culprit

Darkfost from CryptoQuant's got the inside scoop: it's the lack of demand that's dragging Bitcoin down, not some crazy profit-taking spree. Sure, realized profits are tiny, under $1 billion, so we're not at a peak yet. The market's in limbo—no major sell-offs, no panic, but also no fire under its belly to push it higher.

Where's Bitcoin At Now?

As we speak, Bitcoin's hovering around $104,707, down 6.5% from its May 22 high of $111,814. It's been bouncing between $103,645 and $108,771 this week. Not exactly the rollercoaster we're used to!

Chart Talk: What the Numbers Say

On the daily chart, Bitcoin's flirting just below the 20-day Bollinger Band midline at $105,854, with resistance looming around $108,000. The Bollinger Bands are squeezing in, signaling less volatility, and the relative strength index is chilling at 47.75—talk about neutral vibes.

The Road Ahead: Ups and Downs

Since May's peak, Bitcoin's been on a downward slide, struggling to climb back into the upper range. If demand keeps tanking, we might see a test of the $101,000 support. And if things get really hairy, $92,000, marked by CryptoQuant’s Traders’ On-chain Realized Price, could be the next big cushion.

Bullish or Bearish: What to Watch For

To get bullish vibes going again, Bitcoin needs to smash through $108,000 with some serious volume and aim for that $111,814 high. But if it drops below $101,000? Buckle up, because we might be in for some major retracements. Stay tuned, folks!