Is Bitcoin Entering the Death Zone?
The Air is getting thin, very thin....but...
👇1-15) The view from the heights of Mount Everest is nothing short of breathtaking. The "death zone," a term borrowed from mountaineering, refers to altitudes above 8,000 meters (26,247 feet), where oxygen is insufficient to sustain human life for long periods. It’s not necessarily the summit, but the environment becomes increasingly dangerous, especially for climbers facing exhaustion, often leading to severe consequences. Similarly, while we’re not suggesting that Bitcoin has reached its ultimate peak, the market is approaching a critical phase. Some of the indicators we monitor suggest that the "air" is getting thinner, signaling heightened caution as momentum begins to wane.
👇2-15) Similar to the towering heights of Mount Everest (8,849 meters or 29,032 feet) Bitcoin has climbed to a remarkable and lofty level. Over the past two weeks, Bitcoin has traded within a tight range, with last week’s price action briefly testing both the upper and lower bounds of this range, closing right in the middle of the range. This price behavior has formed a Doji pattern, a classic signal of market indecision. Historically, such patterns are often followed by a brief consolidation period before the prevailing trend resumes. However, a deeper analysis of on-chain metrics and market structure reveals additional insights and potential outcomes to consider.
Korea Crypto Trading Volumes have declined from $25bn to $6.7bn
