After recently breaching the $65,000 mark, Bitcoin’s (BTC) price may have hit a brick wall. While this recent price increase indicates strong bullish momentum, historical patterns suggest that BTC could pull back before the rally continues.

This on-chain analysis highlights the indicators affirming this forecast and what investors should expect in the near term.

On-Chain Metrics Reveals It’s Time to Take a Break

Bitcoin’s price rise to $65,497 is contrary to the expectations investors had at the beginning of September when most predicted it would be a bearish month. However, according to the price Daily Active Addresses (DAA) divergence, BTC could drop before making any attempt to retest $70,000.

The price DAA checks whether user engagement increases with a coin’s value. When the price increases alongside active addresses, it is a buy signal, and the cryptocurrency’s value can increase.

At press time, Bitcoin’s price DAA had plummeted to -54.89%. This decline indicates that market participants have reduced their interaction with the coin. As such, the recent uptrend might be weak, as this is a sell signal.

Read more: How To Get Paid in Bitcoin (BTC): Everything You Need To Know

Furthermore, the coin’s performance has impacted holders’ profitability. On September 16, 79.92% of Bitcoin holders were in the money. However, based on the Historical In/Out of Money (HIOM), which compares addresses making money at different price ranges, 91.97% are now in the money.

Historically, when the ratio hit such levels, some holders take profits, leading Bitcoin’s price to decrease. For instance, a similar thing happened in July when the holders in profits were about 93%. 

A few days later, it declined to 78%. Another scenario took place on August 25 when the percentage was 88.35%, and the decline in Bitcoin price later led to 76.23%. Therefore, if history rhymes with the current condition, BTC could be set for a short-term drawdown. 

BTC Price Prediction: $60,000 Coming

While the price is expected to produce a positive return, the daily chart shows that Bitcoin’s attempt to reach $69,000 has encountered an obstruction. This indicates that bears are trying to overthrow bullish dominance.

If the price drops below $65,000, the $65,838 region will be a major resistance zone. However, buyers will likely try to defend BTC from going below support at $63,093. The chart below shows that this potential defense could fail.

Read more: 7 Best Crypto Exchanges in the USA for Bitcoin (BTC) Trading

As such, Bitcoin’s price could decrease to $60,348 within a few days. On the other hand, a close above $65,838 will tilt the trend in bulls’ favor. In that scenario, Bitcoin might jump to $68,236.

In 2024, losses from crypto hacks have already exceeded the total for all of 2023, setting a new record. The rise in cyberattacks shows the growing dangers in the space and the need for urgent solutions.

According to a report shared exclusively with BeInCrypto, Cyvers was crucial in detecting all reported crypto attacks in Q3 2024, with about half of these caught only by their system. Using AI-powered monitoring, Cyvers’ real-time alerts helped stop further financial losses, showing how important advanced tools are in protecting digital assets.

Crypto Hacks in 2024 Hit Record Highs, Exposing Major Security Weaknesses

The first three quarters of 2024 have seen losses from crypto hacks hit $2.114 billion, surpassing the total for all of 2023. This marks a sharp 72% increase compared to the same period last year, highlighting the growing vulnerability of both centralized and decentralized platforms.

Key Numbers:

• Jan-Sept 2023: $1.23 billion lost
• Full year 2023: $1.69 billion
• Jan-Sept 2024: $2.114 billion

Centralized finance (CeFi) platforms, in particular, have faced a huge rise in attacks, with incidents up nearly 1,000% year-on-year. Meanwhile, decentralized finance (DeFi) platforms have seen a 25% drop in losses, though they remain exposed due to complex smart contracts and protocols.

CeFi Hacks on the Rise

CeFi platforms have been hit hardest in 2024, with a 984% increase in crypto hacks. The second quarter of 2024 alone saw $401 million in losses across five major incidents.

The most notable was the DMM Bitcoin exchange breach, which resulted in a $305 million loss. Turkey’s BtcTurk was also hit for $55 million, alongside other exchanges like Lykke and FixedFloat.

Read more: 15 Most Common Crypto Scams To Look Out For

This wave of CeFi attacks signals a growing need for better security controls and regulatory action to prevent further losses.

DeFi Platforms See Fewer Losses but Remain at Risk

DeFi platforms saw a 25% reduction in losses compared to the same period in 2023. Still, $171.3 million was lost across 62 incidents in Q2 2024, with Ethereum and BNB Chain continuing to be key targets for attacks due to their large ecosystems.

Vulnerability Breakdown

• Access Control Breaches:
  • 2023 (Jan-Sept): $742.6 million
  • 2024 (Jan-Sept): $1.62 billion (99% increase)
• Smart Contract Exploits:
  • 2023 (Jan-Sept): $429.6 million
  • 2024 (Jan-Sept): $380.4 million (19% decrease)

Crypto Hacks Statistics

The total number of hacking incidents has surged:

• 2023 (Jan-Sept): 44 incidents
• 2024 (Jan-Sept): 131 incidents (197% increase)

These include:

• Smart Contract Exploits: Up from 28 in 2023 to 79 in 2024 (182% increase)
• Access Control Breaches: Up from 16 in 2023 to 51 in 2024 (218% increase)

The report urges the need for stronger cross-chain security and better real-time threat detection. As crypto faces more advanced attacks, including those driven by AI, stronger security measures and faster regulatory action are critical to safeguarding assets.

Read more: A Guide to the Best AI Security Solutions in 2024

Although DeFi has seen fewer losses, the entire industry is still at high risk. Improving security and taking more proactive steps will be essential to prevent future losses and protect the growing crypto market.

Frog-themed meme coin Pepe (PEPE) price has increased by 40% in the last seven days. This jump is in tune with the broader market relief.

Although the recent rally has sparked excitement, data shows that Pepe has hit a liquidity wall that could hinder further upside. This analysis explains what market participants should expect as the meme coin faces increased resistance.

Pepe Signal Casts Doubts on Further Upside

On September 16, Pepe’s price was $0.0000071. However, the gains of the last two weeks have sent the price to $0.000011 — a region where it currently stands. Due to the performance, there have been calls for PEPE to climb toward $0.000015.

However, the In/Out of Money Around Price (IOMAP) shows that it could be challenging. The IOMAP identifies the average price addresses purchased a token and shows whether they are making money relative to the current price or not.

When there is a higher volume at a price range, the region could either serve as support or resistance. For PEPE, the volume accumulated between $0.000011 and $0.00012 is 8.62 trillion tokens, valued at approximately $95 million, and is out of money.

Read more: How To Buy Pepe (PEPE) and Everything You Need To Know

This $95 million is higher than the volume purchased between $0.000010 and $0.000011. Since the former is higher, it indicates that the meme coin could face a sell wall as it approaches $0.000012. Consequently, failure to break this resistance could pull the uptrend.

Another indicator fueling this bias is the Relative Strength Index (RSI), a technical oscillator used to measure momentum. When the RSI rises, momentum is bullish. However, a falling reading suggests bearish momentum.

The RSI also shows whether a cryptocurrency is overbought or oversold. Readings above 70.00 mean it is overbought, while those below 30.00 mean it is oversold. As seen below, the RSI on the PEPE/USD daily chart shows that the token is overbought, and the price might decline.

PEPE Price Prediction: Bearish Days Ahead

At press time, PEPE’s price is $0.000011. However, the daily chart shows the appearance of a sell signal as the meme coin attempts to enter the supply zone at $0.000013.

Following shift, the token may face challenges in rallying toward the expected $0.000015 mark. Instead, it might have to focus on maintaining support at $0.000010. Should the token fail to defend this crucial level, it could have serious consequences for the meme coin, potentially driving the price down to $0.0000095.

Read more: 5 Best Pepe (PEPE) Wallets for Beginners and Experienced Users

In a highly bearish situation, PEPE’s price might decline to $0.0000084. Meanwhile, the token’s value could resist another drop if bulls successfully push it beyond $0.000013. In that scenario, the cryptocurrency might move closer to $0.000020.