Bitcoin (CRYPTO: BTC) is hovering near $110,000 and trading in a tight range, leaving traders questioning whether the bull has fallen asleep after delivering a 700% rally from late 2022 lows.
What Happened: Bitcoin surged from $15,000 in November 2022 to a record high around $124,500 earlier this year.
But momentum now appears to be fading.
Crypto analyst Ali Martinez noted Bitcoin's dominance is starting to crack, mirroring conditions seen ahead of the 2021 peak.
Martinez flagged multiple warning signs, including an RSI bearish divergence, a MACD crossover, and a possible breakdown if BTC loses $108,700 support.
On-chain signals add to the bearish case: the MVRV Momentum indicator has flipped negative for the first time in this cycle, marking what Martinez described as a potential macro momentum reversal.
Key downside levels include $108,700, $104,500, $97,000, and, if selling deepens, $60,000.
While all the evidence suggests, the "top maybe in for Bitcoin," the bullish case requires validations.
For bulls to remain in control, Martinez said Bitcoin must hold $108,700 and see the MVRV recover with a golden cross.
Absent those signals, the risk of a broader correction increase.
Also Read: Bitcoin, Ethereum, XRP, Dogecoin Decline Again And ‘Clocked Out Early’
Why It Matters: Martinez also highlighted that Bitcoin supply in profit is showing early signs of a downtrend, reinforcing the view that the top may already be in.
In an X post on Aug 28, he pointed to a "death cross" in the MVRV Momentum indicator as evidence of a shift from positive to negative macro momentum.
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