Bitcoin (BTC) had penetrated US$63,000 on June 30 before turning around and now breaking through again.
From a price action perspective, it appears buyers are in control, especially from a top-down view. Despite a lower dip in May when prices breached US$60,000, there is still a chance for bulls to dominate.
Notably, BTC price has formed a bull flag pattern post its rise in Q1 2024. However, the failure to confirm a rise in mid-March has slowed down the uptrend.
This significant price movement has sparked debate in the crypto community. While momentum is building, the coin's price action has been a source of debate, with some analysts warning of potential overvaluation.
In a post on X, an analyst argued that BTC may be too expensive, aka overvalued.
"BTC could experience further declines, extending the 18 percent drop recorded in June," said the analyst.
Further concerns have been sparked by recent German government actions. Earlier this month, they transferred 1,500 BTC, worth more than US$94 million, to various exchanges, including Bitstamp.
Lookonchain data shows that 400 BTC was sent to three different exchanges, indicating a potential sell-off.
