Last week, Bitcoin's price rose 4%, attracting the attention of market enthusiasts, but market indicators are starting to point to a potential correction.
The overall cryptocurrency market is in a bull run, with many major coins posting double-digit gains. Bitcoin's recent rise has tipped the market into a 'greed' phase, signaling an imminent trend reversal. Investors should carefully follow the developments in market conditions.
Bitcoin's Price Increase and Market Sentiment
Over the past week, Bitcoin has been trending upwards, trading above the critical resistance level of $65,000. According to CoinMarketCap data, Bitcoin's value has increased by more than 4% over the past seven days, with recent trading prices hovering around $66,744. With this increase, the market value exceeded 1.29 trillion dollars. During the same period, Ethereum continued its upward trend, gaining more than 2% in value.
When we looked at the crypto fear and greed index to measure market sentiment, the index was at 69, indicating that the market was in the “greed” phase. These higher levels generally indicate an increased likelihood of a price correction and serve as a warning to investors.
Examining Bitcoin's rainbow chart, there are current readings that suggest it is still an attractive asset for accumulation and has potential for upside movement. In fact, it is predicted that prices could rise up to $1.23 million in a future FOMO phase. CryptoQuant data shows that the selling pressure of decreasing BTC exchange reserves has decreased.
Derivatives market analysis presents a mixed picture: Bitcoin's Funding Rate is trending positive, implying that traders are optimistic, while the Buyer-Seller Ratio has turned red, indicating an ongoing selling trend. Other indicators such as the RSI and Money Flow Index indicate a bearish trend, supporting a possible price correction scenario. However, the MACD indicator remains optimistic, indicating potential bullish momentum.
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