Bitcoin's recent price action has raised concerns about a potential end to its uptrend following multiple rejections at the upper Bollinger Band since April. John Bollinger, the creator of the Bollinger Bands metric, indicated that this trend might conclude as Bitcoin failed to maintain its position above all-time highs around $110,000. The analysis identifies three distinct phases in Bitcoin's price movement, following a 'W'-shaped double bottom reversal. Each phase saw a rise, characterized by upward pushes interrupted by consolidation periods. Currently, it appears that this upward momentum could lead to either a downward reversal or a period of consolidation. Alongside the Bollinger Band resistance, market sentiment is complicated by external factors affecting Bitcoin, including geopolitical tensions and macroeconomic conditions. Analysts note a resilient demand from institutions despite these challenges, but significant hurdles remain in achieving higher price discovery. Investors are advised to remain cautious as they assess potential risks in this evolving market.

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