Checkonchain Bitcoin Newsletter

Checkonchain Bitcoin Newsletter

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Checkonchain Bitcoin Newsletter
A Potential Double Top?
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A Potential Double Top?

Bitcoin is hovering around $105k, but the bulls seem to be struggling to bring enough demand to trigger that next major lift-off, whilst bears are now talking about a potential 2021 style double top.

James Check (Checkmatey)'s avatar
James Check (Checkmatey)
Jun 04, 2025
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Checkonchain Bitcoin Newsletter
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A Potential Double Top?
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G’day Folks,

It has been a while since we performed a deep and comprehensive health check on the Bitcoin market, so today is the day.

The demand coming from the bulls has been sufficient to push the price up to a new ATH vs the US dollar, but not enough to achieve a complete and convincing lift-off.

Meanwhile, price is trading just slightly off the highs, but seems to be struggling to recover quickly. Sell-side pressure remains a key factor to watch, and the inflows from the ETFs, and even Treasury companies are softer than we’d hope.

The bears have been chirping about a potential 2021 style double top, which is actually a valid concern, and one we should take seriously.

Live Chart

At the end of the day, the higher the price goes, the more sell-side is engaged. In a raging bull market, demand is sufficient to soak it up, but the bulls really do have to show up for the market to head higher.

Today’s post will be a deep dive into all sectors of the Bitcoin market, to try and gauge the potential for a repeat of the 2021 double top formation.


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