Bitcoin (BTC) reached a new all-time high (ATH) yesterday, climbing to 
$111,999 on Binance exchange before dipping slightly to around $110,000 at the 
time of writing. While the broader trend remains bullish, some analysts now 
anticipate a short-term pullback. Bitcoin Remains Bullish But Some Pullback 
Expected According to a recent CryptoQuant Quicktake post by contributor 
BorisVest, early warning signs suggest that BTC may face a brief correction. 
The analyst noted that if momentum doesn’t pick up soon, Bitcoin could 
struggle to maintain its bullish trajectory. Related Reading: Bitcoin Heating 
Up? NVT Golden Cross Hints At Potential Local Top Binance taker buy/sell 
volume has shown a noticeable spike in aggressive buy orders &#8211; usually a 
bullish signal &#8211; but sell volume has also risen in tandem, effectively 
absorbing most of the demand. Despite this uptick in buy volume, BTC’s price 
has not responded proportionally, suggesting distribution or selling pressure. 
For the uninitiated, Binance taker buy/sell volume measures the amount of 
aggressive buying versus selling on the exchange using market orders. A higher 
taker buy volume indicates strong buyer interest, while higher taker sell 
volume signals stronger selling pressure. In addition, Binance open interest 
has surged during the recent price rally, signalling an influx of leveraged 
positions. While rising open interest can support further gains, the subdued 
price reaction raises concerns about Bitcoin&#8217;s short-term strength. Meanwhile, 
funding rates have stayed mostly neutral throughout the rally. However, the 
most recent push to a new ATH saw BTC&#8217;s funding rates turn slightly positive, 
hinting at increasing long exposure and renewed bullish sentiment. The 
breakout also triggered significant short liquidations, likely fuelling a 
short squeeze. Data from Coinglass shows that over the past 24 hours, $521 
million in positions were liquidated &#8211; $448 million of which were shorts. 
Market Needs A Breather Before Climbing Higher Concluding, the CryptoQuant 
contributor noted that despite the emerging signs of caution, Bitcoin’s 
overall bullish structure remains intact. However, the market is now seeing 
the early signs of a potential short-term pullback, especially due to the 
spike-driven nature of the move. Related Reading: Bitcoin Realized Dominance 
Signals Weak Hands Capitulating, Strong Hands Rising Other analysts share a 
similar outlook for BTC. For example, crypto analyst Christian Chifoi 
suggested that the current price action may be a deceptive move designed to 
trap bullish traders &#8211; potentially pushing BTC down to $97,000 before the 
final rally begins. That said, the recent weakness observed in the US Dollar 
Index (DXY) has fuelled hopes for a capital reallocation to alternative 
assets, including BTC. At press time, BTC trades at $110,885, up 1.1% in the 
past 24 hours. Featured image from Unsplash, charts from CryptoQuant and 
TradingView.com

Bitcoin Uptrend Intact, But Binance Activity Warns Of Short-Term Pullback

Bitcoin soared to a fresh peak of $117,000 on Thursday, climbing 4.2% against 
the U.S. dollar. Meanwhile, the meme coin market caught a tailwind of its own, 
bouncing 15.1% higher to hit $68.68 billion. Meme Coin Market Erupts as 
Traders Chase the Next Viral Moonshot The past 24 hours have been a green wave 
for […]

Meme Coin Mayhem: Over a Dozen Tokens See Double-Digit Gains

Bitcoin is primed for an explosive rally into 2025 as institutional demand, 
monetary easing signals, and fiscal instability converge to push prices toward 
$180,000. $180K Bitcoin in Sight? Vaneck Insider Signals a Perfect Storm Into 
2025 Rising institutional interest, fiscal instability in Washington, and 
dovish monetary expectations are combining to lay the groundwork for a […]

Bitcoin Primed for $180K Surge With Fed Shift, Debt Spiral, and Corporate Buying

Bitcoin’s price action has shown intense strength in recent days to finally 
bounce fully from the weakness in late June. After briefly dipping into the 
low $108,000 range in the past 24 hours, Bitcoin managed to surge to a new 
all-time high of $112,022. According to data from Coinglass, this move was 
enough to cause over $470 million in short liquidations across the crypto 
market. Bitcoin&#8217;s latest price behavior has sparked a shift in sentiment and 
aligns with the argument that the window for shorting may have officially 
closed. According to crypto analyst CrediBULL Crypto, it is now effectively 
“illegal” to short Bitcoin. New Bitcoin Impulse May Have Already Started 
Taking to the social media platform X, crypto analyst CrediBULL Crypto noted 
that it is now illegal to short Bitcoin. This comment comes alongside a 
24-hour period of intense price activity, with on-chain data showing a trading 
volume of $60.15 billion. Related Reading: Institutions Buy Bitcoin In Record 
Numbers, But Why Is Price Still Below $111,900 ATH? CrediBULL Crypto posted a 
detailed chart and technical analysis on X, explaining why he believes 
shorting Bitcoin is now a dangerous strategy. Notably, his analysis is based 
on the Elliott Wave count on the 8-hour candlestick timeframe chart. His 
previous wave analysis reflects two possible scenarios. The first involves a 
brief rejection above $110,000 followed by a corrective pullback toward the 
$102,000 zone, an area he highlighted as a key daily demand level. The outcome 
would be a sideways consolidation before the next major upward impulse. 
However, he has since acknowledged that Bitcoin may have already begun its 
next major leg up, which is the second scenario. This scenario bypasses the 
corrective phase in the first scenario entirely. As the analyst phrased it, 
“there is a non-zero chance that the next impulse up has already begun.” In 
either scenario, CrediBULL’s commentary stresses that the downside from 
current levels is limited, and shorting Bitcoin now is equivalent to fighting 
strong upward momentum. Why Shorting Bitcoin Now Is A Dangerous Bet It’s now 
illegal to short Bitcoin. Not in the literal legal sense, but because 
Bitcoin&#8217;s current structure no longer supports bearish bets. The current setup 
is one of a continuation above $111,000 in the coming days. If Bitcoin does 
clear the $111,000 to $112,000 range with enough conviction, it would confirm 
a vertical rise into wave 3 of a new Elliott impulse cycle. Related Reading: 
Bitcoin Price To See 52% Increase To $166,000, Analyst Reveals Tight Timeline 
Interestingly, the price target for this Wave 3 is around $130,000. A 
correction may follow from that level to form an impulse Wave 4 before Bitcoin 
enters another strong bullish leg. Then, finally, the most bullish scenario 
places Bitcoin on a final Wave 5 movement to $150,000. At the time of writing, 
Bitcoin is trading at $111,270. The downside is currently limited, and the 
focus now should be on identifying long opportunities rather than attempting 
to short what may be the early stages of another explosive rally. Featured 
image from Pixabay, chart from Tradingview.com

Market Expert Says It’s Now ‘Illegal’ To Short Bitcoin, Here’s Why

Another bitcoin mining firm is pivoting. Bit Mining Limited announced a 
strategic expansion into the Solana ecosystem, planning a treasury of SOL 
tokens worth up to $300 million to fuel the company’s shift. Bit Mining 
Allocates Up to $300M for Solana Integration The NYSE-listed cryptocurrency 
mining company said this move aims to capture opportunities across […]

Cryptocurrency price in PKR