Greed

bullish

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Over 98% of Bitcoin addresses were in profit due to the cryptocurrency’s bullish price trend.</li> 
 <li>Despite high accumulation, indicators suggested that Bitcoin was becoming overvalued.</li> 
</ul> 
<p> Bitcoin [BTC] saw a significant price increase last week, meeting investors’ expectations. The cryptocurrency began to consolidate in recent days, however, as it neared the $100k mark.</p> 
<p>A key BTC metric has turned bearish, suggesting a potential pullback.</p> 
<h2 id="bitcoin-investors-showing-signs-of-greed">Bitcoin Investors Showing Signs of Greed</h2> 
<p>Bitcoin’s price rose by 8% last week, flipping its $96k resistance into a new support and indicating a potential rise above $100k. This price increase resulted in 53.24 million BTC addresses profiting, which represents 98% of all Bitcoin addresses.</p> 
<p>Despite this, the cryptocurrency began to consolidate as its daily chart turned red. Crypto analyst Ali Martrinez noted in a tweet that long-term BTC holders were showing signs of increasing greed. This behavior historically suggests that it could take 8-11 months for BTC to reach a market top.</p> 
<h2 id="assessing-bitcoin-s-metrics">Assessing Bitcoin’s Metrics</h2> 
<p>To determine whether the increasing greed in the market will lead to a correction, Glassnode’s data was analyzed. After a sharp decline, Bitcoin’s NVT ratio began to rise again, indicating that BTC was becoming overvalued and a price drop may be imminent.</p> 
<p>Despite this, the market remained optimistic about BTC, as evidenced by the coin’s high accumulation trend score. A value closer to 1 indicates high buying pressure, which can result in continued price increases.</p> 
<p>Bitcoin’s Open Interest (OI) also remained high, suggesting that the current price trend may continue. However, the daily chart showed that the coin was testing a trendline resistance. The MACD indicated a potential bearish crossover, and the Relative Strength Index (RSI) was in the overbought zone, which could trigger a sell-off and prevent BTC from breaking above the resistance in the near term.</p>

Investor Greed may Delay Bitcoin’s Race to a $100K Milestone

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CoinEagle.com

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