Analysis: Bitcoin's recent upward trend has encountered obstacles, and if it loses key support, it may experience a deep pullback

According to Cointelegraph, the latest research report from on chain analysis platform CryptoQuant shows that Bitcoin demand has peaked or fallen below $100000, and profit taking has led to the interruption of the Bitcoin bull market. Some demand indicators for Bitcoin may be reaching short-term peaks, which may mean that the current upward trend will pause, and the whale accumulation speed is also slowing down, and the price may fall below $100000. Trader Mags analyzed that on the daily chart, BTC has fallen below its previous historical high and is facing rejection at the same level. If BTC closes below the horizontal support and resistance levels on the weekly chart, a deeper pullback may be seen.