Bitcoin's Upside Momentum Weakens Above $83,000

Bitcoin's upward momentum is showing signs of slowing down, with the price now hovering near $85,416, down 0.4% from recent highs. The cryptocurrency is currently consolidating above the $83,000 mark, but analysts at Swissblock note that each attempt to push higher is losing some of its strength. While the overall upward structure remains intact, the intensity behind these moves is gradually diminishing.

According to data from Glassnode, large holders of Bitcoin, often referred to as sharks and whales, have recently returned to profitability. However, this group slipped into negative territory during the June lows, unlike smaller wallets, which have remained profitable throughout. This contrasts sharply with the 2022 bear market, when Bitcoin's price fell below every group's cost basis.

Swissblock suggests that another push toward $87,500 to $90,000 is still possible, but warns that a destabilizing Risk Index could signal a shift from the current consolidation to a more significant regime change.