Bitcoin (BTC) Price Action Nears Coveted $100,000 Mark, but Worrying Signs Emerge for the Bulls

The Bitcoin price is inching closer to the much-coveted $100,000 mark, recently reaching an intraday high of $98,471.

Bitcoin price is inching closer to the coveted $100,000 mark, having recently hit an intraday high of $98,471. However, some concerning signs are emerging for the bulls despite this bullish price action.

According to Glassnode co-founders Jan Happel and Yann Alleman, the cryptocurrency's momentum is weakening due to underwhelming trading volume.

“Even with Bitcoin breaking $97K, volume remains low — critical for short-term bullish continuation,” the analysts noted.

Higher volume would be crucial for sustaining strong upward momentum.

Recently, 10x Research suggested that Bitcoin's uptrend could be peaking after the flagship cryptocurrency formed the "shooting star" candlestick on the monthly pattern. This bearish reversal pattern emerged after Bitcoin began the previous month on a high note before the bears took control with strong selling pressure.

It's noteworthy that Bitcoin underwent major corrections after forming similar shooting star candles in 2018 and 22021, respectively. Some believe that a significant trend reversal is occurring despite the bulls' attempts to drive Bitcoin back to the $100,000 mark.

As reported by U.Today, the Federal Reserve indicated that it would implement fewer rate cuts this year than initially anticipated. This hawkishness hindered the efforts of Bitcoin bulls who had hoped to see a substantial rally after the cryptocurrency breached the $100,000 level for the first time last month.

On Thursday, BlackRock's iShares Bitcoin Trust (IBIT) ETF experienced record-breaking outflows of nearly $333 million. While these outflows may not necessarily indicate a broader trend, they do present a concerning development for the product that has defined the 2024 bull run.