Key Takeaways:
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Bitcoin hit a new all-time high of $ 124,450 on Thursday, but signs of over heating are starting to appear.
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Many technical indicators suggest a potential top at $ 124,000.
Bitcoin (Btc) recorded a new all-time high of $ 124,450 during the first time of Asian trading on Thursday. However, the BTC price returned to $ 121,670 at the time of writing.
Despite the correction, there are mixed signals about whether the price rally is sinking or if it is a healthy pullback.
Onchain Data: The price of Bitcoin has not yet sink
Bitcoin does not show any signs of peeking across Reaching out to new all-time highs Now, along with many onchain metrics suggesting Bitcoin can still rise.
Excessive heating indicators such as funding rate and short-term capital flow remains low compared to previous peaks, and income earning short-term investors is limited, according to data from cryptoquant.
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Bitcoin funding rate, an indicator used to indicate a super -hot market, shows a long bet increase. However, these bets remain smaller compared to previous peaks, suggesting that Bitcoin still has an additional room to go before the conditions are hot.
A spike in bitcoin Funding rates Sometimes it can cause market participants about increasing bitcoin volatility and the dangers of extermination.
However, funding rates are only moderately positive, which has been signing that entrepreneurs are optimistic about the price of Bitcoin and that consumers are willing to pay the seller to pay for their positions.
Meanwhile, the short -term holder (STH) spent the output profit ratio (SOPR) scale shows that few have earned income to the previous increase despite the STHs returning to revenue.
This indicator is currently worth 1.01%, suggesting that STHs realize some revenues at lower rates. Unlike in March 2024 and November 2024, the income acquisition activity remains relatively covered.
The 30 Bull Market Peak Indicator From coinglass suggests that Bitcoin does not show signs of overheating with $ 187,000 BTC prices in gaming.
Other technicals say that the price of bitcoin “top may be in”
A combination of technical indicators suggests a BTC price that can rise to $ 124,000, according to popular analyst Captain Faibik.
In his review of Bitcoin on Thursday, the analyst Says That after the snatch of liquidity in its running all the time high, the BTC/USD pair sent many bearish signals, including the appearance of the “9th TD that sells candle” on the daily chart.
The bearish divergence from the sun -day KaMag -Kaba -child index -child -child (RSI) shows the weakening of the momentum, while increasing wedge development indicates a reduction in purchase pressure, which is often preceded by a price collapse.
Captain Faibik wrote:
“This combination suggests the top may be on and a bearish rally may be around the corner.”
The RSI of Bitcoin shows a secret after reaching the conditions of excessive doubt in many time frames. The RSI of Bitcoin hits 72, 71 and 70 in four hours, 12-hour and daily charts, respectively, as the BTC hits fresh all-time highs.
The retraction of $ 121,000 from $ 124,000 complied with overbought conditions as shown in the chart below. Overbought conditions resulting from Bitcoin running until its preceding All-time highs of $ 123,000 in July A 6% drawdown also preceded $ 115,000.
Although these metrics warn of a possible pullback in the short term, it is important to note that RSI conditions do not always guarantee a recurrence. Crypto prices are highly mental change, and the BTC may continue to rally, already -fueled by Institutional Demand Increasing Demand and Growth of money supply.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
