Analysis: Bitcoin's recent rally has met resistance, and if it breaks through key support, it may have a deep pullback

PANews
PANews
BTC+1.45%

PANews reported on May 31 that according to Cointelegraph, the latest research report of the on-chain analysis platform CryptoQuant shows that the demand for bitcoin has peaked, or pulled back below $100,000, profit-taking has led to the disruption of the bitcoin bull market, and some demand indicators of bitcoin may be reaching a short-term peak, which may mean that the current rally will be paused, and the whale accumulation rate is also slowing down, and the price may fall below $100,000. On the daily chart, BTC has fallen below its previous all-time high and is facing rejection at the same level, and if BTC closes below the horizontal support and resistance levels on the weekly chart, it could see a deeper pullback.

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