Bitcoin needs new catalyst to sustain rally, analysis suggests

Bitcoin needs a new catalyst to decisively break through the $117,000 level and sustain its upward trend, according to an analysis by Glassnode cited by Cointelegraph. The analytics firm explained that Bitcoin is currently trading approximately 5% below that mark, warning that a failure to maintain support could trigger a medium- to long-term correction. Glassnode also noted that an increase in profit-taking by long-term holders could be a signal of slowing demand. However, Shubh Varma, CEO of Hyblock Capital, assessed that while Bitcoin may consolidate for a period following its recent sharp decline, several indicators remain positive. Varma pointed out that fund flows into spot ETFs are still robust and spot trading volumes are stable. He added that the potential for additional interest rate cuts by the U.S. Federal Reserve could also serve as a positive catalyst.