The site crypto.news mentioned that the Bitcoin currency $BTC is still within a wide trading range after failing to maintain recent gains, and many traders are monitoring the nearby support area between $85,000 and $86,000, while resistance is seen below the $90,000 level.
BTCUSDT
Perp
87,742.9
+1.05%
HYPERUSDT
Perp
0.1246
-6.52%
CAKEUSDT
Perp
1.8499
-2.87%
Analysts indicate that the current Bitcoin BTC cycle has peaked, and the focus should be on demand waves and not just on the "halving" event. Julio Moreno, the senior analyst at CryptoQuant, noted that Bitcoin BTC is now heading towards a low point in the cycle, making the recent volatility part of a broader corrective phase. However, some analysts maintain a positive long-term outlook, as the Chief Investment Officer at Bitwise expects Bitcoin's volatility to fall below Nvidia's volatility next year with the growth of institutional participation.