Bitcoin’s Weakness Signals Potential Crypto Market Correction

As of May 14, 2025, Bitcoin price has risen 1.15% to $103,814, but is still struggling to break through the strong resistance at $104,000.

The price of Pepe Coin (PEPE) may come under pressure in the coming weeks as Bitcoin struggles to break through the strong resistance at $104,000.

Bitcoin Price Today: BTC Still Faces Resistance at $104,000 as Volume Remains Low

Bitcoin price has risen 1.15% to $103,814 in the past 24 hours, but it is still struggling to break through the strong resistance at $104,000. The low-volume zone indicates a potential correction to the $102,000 area, which was the previous high-volume zone.

If the price of BTC falls below that level, there is a possibility of a further correction towards the $102,600 to $93,100 range, where Bitcoin could enter a consolidation phase for a few weeks.

This drop is expected to have a wide-ranging impact on the crypto market, including Pepe Coin (PEPE) and other altcoins. As the consolidation phase unfolds, the risk of a drop to $93,100 could trigger a deeper market correction, especially on meme coins which are known to be highly volatile.

Therefore, with the weak movement of Bitcoin as the market leader, PEPE prices are likely to come under pressure and decline in the coming weeks.

Have Whales Started Selling Ahead of Potential Correction?

After the strong rally that occurred last week, a surge in transactions by Pepe Coin (PEPE) whales is now fueling concerns that a price peak may be near.

In historical patterns, an increase in transactions by whales after a sharp rise is often a signal that the price is forming a top. Conversely, a surge in whale activity after a decline often indicates a bottom is forming.

Data from IntoTheBlock shows that on May 12, the number of transactions worth more than $100,000 reached 720 times, coinciding with PEPE’s price peak at $0.000015.

Historically, price peaks tend to occur when the number of whale trades breaks the 800-trade mark – a signal that the whales are starting profit-taking.

This spike in activity, which was also recorded in May, November and December 2024, is often an early indicator of a market top forming. If this pattern repeats itself, PEPE may soon enter a correction phase after last week’s market euphoria.

Pepe Coin Price Analysis Hints at Potential Breakdown of Double Top Pattern

The price of Pepe Coin (PEPE) surged 100%, from $0.0000075 to $0.000015 between May 6 and 12. However, the meme coin failed to break the psychological resistance at $0.000015, and is now moving sideways with $0.00001274 as the baseline or support point.

This horizontal movement formed two price peaks, which is an early indication of a double top reversal pattern with a downside potential of 7.42%.

To confirm this bearish pattern, PEPE prices need to drop and break the short-term support line at $0.00001274. A four-hour candle close below that level is required to technically confirm the breakdown.

If the breakdown occurs, this double top pattern signals a potential further correction to $0.00001063 (about 25% of the peak), calculated based on the height of the double top pattern drawn from the neckline.

Technically, the Relative Strength Index (RSI) indicator showed a bearish divergence, dropping from the overbought zone to the centerline while prices were still moving up. In addition, the MACD and signal lines also started to fall after a negative crossover, reinforcing the signal that selling pressure is mounting.

However, if the price of PEPE is able to bounce and break the $0.000015 level again, this double top pattern will be canceled.

Based on Fibonacci analysis, the 23.60% level coincides with the $0.000015 zone and opens up further upside opportunities to $0.00001792 if the trend reverses.

Is Blind Optimism the Reason Why 72% of Binance Traders Hold Long Positions in PEPE?

Although the Pepe Coin (PEPE) price rally has been restrained in the short term, optimism in the futures market remains high and indicates expectations of a continued uptrend.

Open Interest (OI) stood at $583 million, close to a record high, signaling traders’ keen interest in the asset.

However, along with the increased enthusiasm comes the concern of over-optimism. Currently, 72% of PEPE traders on Binance hold long positions, pushing