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Crypto Oracles Consult the Rainbow: Will Bitcoin Ascend or Just Catch a Cold?

BBG News

The air in the corridors of X was thick with prophecy and the scent of digital gold—Crypto Rover, that unflagging augur of coin, declared the Rainbow Chart had spoken: Bitcoin, that sly fox, is signaling a buy. Perhaps it is a sign from the heavens. Or perhaps it’s just another Tuesday. Still, faint-hearted souls beware: the crowd at the bazaar is thin; weak-kneed demand threatens to topple this dizzy optimism. One could almost hear the collective exhale of hodlers everywhere, clutching their cold wallets to their chests like sacred relics.

Bitcoin Rainbow Chart Flashes Buy Signal (Again—Don’t Everyone Rush at Once!)

Picture this: May 22, a day that history (and countless YouTubers) will forever remember, Bitcoin soared to a new all-time high. Since then? The grand stall. It has been loitering between $100,000 and $110,000 like a bored cat contemplating whether or not to knock over your favorite mug.

Now, the infamous Rainbow Chart—the astrological chart for crypto lovers—points skyward. Yes, the globe’s top digital asset is basking in a pastel “buy” zone, light green and full of promise, or as full of promise as an indicator made from logarithmic curves and wishful thinking can be. Each time Bitcoin wanders into these colors, moon chants resume, and speculation begins anew. It’s tradition now.

For those unfamiliar with this sacred relic, the Rainbow Chart is part art, part mathematics, part divination. Bands of color suggest market sentiment—from “it’s over, sell your shoes” red to “YOLO, mortgage the house” blue—guiding traders as if by spectral lamp.

Alas! While technomancers read bullish omens in rainbows, in practice, demand for BTC appears… how to put this delicately? ‘As limp as a wet noodle,’ reports CryptoQuant’s Darkfost. His recent post, more mournful than a Dostoyevsky hero, suggests enthusiasm is more absent than your uncle who ‘just stepped out for a pack of cigarettes’ in 2011.

Observe, if you will, this chart—juxtaposing the arrival of new BTC with the stubborn loyalty of those holding it over a year. Traditionally, if the mystical line climbs above zero, buyers are champing at the bit. But now? The needle droops like a rubber plant in August.

Since that May high, the “apparent demand” has been trickling away. Not collapsed, mind you—it’s merely faded into the wallpaper. BTC clings to $100,000, gripping the bannister, hoping dinner is still being served in the bull restaurant. But the mood is—well—decidedly pre-war Moscow. Cautious. Gently despairing. Monty Python’s Black Knight with only one arm.

Despair not, for hope is the most irrational of market forces! A certain Merlijn The Trader, a man who sounds as if he’d prefer to hurl thunderbolts than charts, took to X declaring that the buy/sell pressure delta is “oversold,” suggesting short-term sellers are soon to collapse in exhaustion, possibly needing a nap and a warm cup of tea.

BTC Wyckoff Accumulation: The Opera Nears its Climax?

Enter Ted Pillows, market soothsayer par excellence. In tones reverent and slightly conspiratorial, Ted posits Bitcoin is in the final act of the legendary Wyckoff Accumulation—the Parting of the Red Sea for technical analysis disciples. Should BTC crack $110,000, he predicts an explosive leap to $130,000 “in no time.” One imagines “no time” is the same as Russian train schedules (subject to unexpected delays and snowstorms).

Technically, Bitcoin looks “healthy,” maintaining its grip at $104,000. Traders everywhere, recently buffeted by the winds of the Federal Reserve, are now delicately unwound, like grandmothers after a particularly exciting samovar boil.

Yet on the ground, activity at exchanges suggests growing ennui, possibly bordering on existential crisis. The retail class watches from afar, popcorn in hand, reluctant to join the fray. As of this writing, Bitcoin changes hands at $104,128—a thrilling 0.2% higher, which, considering crypto volatility, is as exhilarating as waiting in line at the Moscow DMV. 🪙🎢

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2025-06-21 09:00

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