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Weekly chart hints that the Bitcoin bull run may be over

Bitcoin (BTC) was trading at $112,835, down from its all-time high of $124,200, after a 50% increase from its April low. On the weekly chart, BTC has formed a rising wedge pattern, characterized by two ascending and converging trendlines nearing convergence, which often precedes bearish breakouts.

Additionally, bearish divergence is evident as the Percentage Price Oscillator shows lower highs and approaches the zero line, and the Relative Strength Index has declined from 87.7 in February 2024 to 56. The accumulation and distribution indicator has flattened, suggesting a shift from accumulation.

These technical signals indicate a potential breakdown, with a possible drop to the 50-week moving average at $95,000.

Bitcoin ETF inflows are slowing

Institutional demand for Bitcoin has weakened, with spot Bitcoin ETFs experiencing $1.17 billion in outflows last week, compared to $547 million in inflows the previous week, according to SoSoValue data.

CoinGlass data shows Bitcoin balances on exchanges have increased to 2.25 million coins, the highest since August 7, indicating heightened selling pressure from investors.