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Swissblock Analysts Name Conditions for Bitcoin Rally Above $116,000
Analysts explained that since Bitcoin’s price momentum remains negative following the October 11 crash, the key factor now is to reignite it:
“This week is about confirmation — it’s necessary to prove that Bitcoin is forming a bottom and can hold the $114,000 support level. For sustainable growth to continue, Bitcoin must generate new buying pressure and start forming a new bullish structure from this base,” Swissblock noted.
The lack of buyers and low network activity prevent the leading cryptocurrency from testing levels above $115,000–116,000.
Spot trading volume fell by 17.5% — from $15.2 billion to $12.5 billion over the past week, indicating a lack of speculative activity.
“The pullback indicates declining participation and a potential consolidation phase, as price growth has yet to be confirmed by stronger capital inflows,” the experts explained.
Network activity remains weak and is accompanied by a decrease in the number of active addresses, transaction volumes, and fees, which points to a neutral environment.
Until demand expands, the leading cryptocurrency will remain in a narrow price range, and investors’ cautious optimism will gradually be replaced by defensive positioning, Swissblock concluded.
Earlier, analysts from 10x Research stated that Bitcoin’s high price discourages retail investors, limits capital inflows into the market, and disrupts the cryptocurrency’s traditional cycle.
See also: "Robert Kiyosaki: Bitcoin Price Will Double This Year"
