Bitcoin Nears Record High Amid Market Correction Signals
The Essentials in Brief
Bitcoin (BTC) is on a winning streak and is approaching an all-time high. However, despite the current upward trend, key indicators point to potential selling pressure. The question now is whether this “extreme greed” of investors could cause problems for BTC.
Bears at the Starting Gate
According to CoinMarketCap, BTC was significantly above the $66,000 mark, as its value has risen by more than 5% in the last 24 hours. At the time of writing this article, BTC was trading at $66,769.99, with a market capitalization of over $1.3 trillion.
However, a well-known crypto analyst, Ali, has given a sell signal. The TD Sequential indicator showed a sell signal for BTC on the 4-hour chart. Since February 15, the price of BTC has fallen by 1.5% to 4.7% each time this indicator suggested a sale.
Rising Selling Pressure
In addition to these bearish metrics, the BTC fear and greed index shows a value of 90, indicating high “greed” in the market. Whenever the index reaches this value, the chances of a price correction are high.
According to data from CryptoQuant, the net deposits of BTC on exchanges are high compared to the 7-day average. Higher deposits can be interpreted as higher selling pressure.
Our Assessment
Despite the bearish indicators, the MACD (Moving Average Convergence Divergence) remains in favor of buyers, as it indicates a bullish advantage in the market. It remains to be seen whether the “extreme greed” of investors will actually lead to a price correction or whether Bitcoin can continue its upward trend.
Sources: Dipayan Mitra, Ann Maria Shibu, Ali, CoinMarketCap, CryptoQuant.
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Price | $98,475.00 |
| 24h % | -0.00 % |
| 7d % | 7.77 % |
| 30d % | 47.25 % |
| 60d % | 54.87 % |
| 1y % | 161.61 % |
| Market Cap | $1,948,514,222,466.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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