Bitcoin price to Crash again After $124K High?

The key takeaways

• Bitcoin has reached an all-time record of $124,450. There are signs that the market is overheating.

• Multiple technical indicators indicate that a top could be reached at 124,000.

BitcoinBTC() reached a record high of $124,450 in the morning Asian hours Thursday. BTC had dropped to $121,670 by the time this article was written.

There were mixed signals despite the correction about whether or not the rally in prices had reached its peak.

Data from Onchain: The Bitcoin price isn’t yet at its peak

Bitcoin did not peak despite reaching new all-time highs According to several Onchain metrics, Thursday is a good day for Bitcoin. Bitcoin could rise further.

Data from CryptoQuant shows that indicators of overheating, such as the funding rate, short-term inflow, and profits taken by investors on a short-term basis, are still low when compared with previous peaks.

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Bitcoin’s Funding Rate, an indicator of an overheated markets, indicates an increase in Long Bets. But these bets still remain smaller than the previous highs, indicating that Bitcoin is yet to reach overheating. 

Bitcoin’s price is on the rise funding rates Bitcoin’s volatility and liquidity risks can cause some market participants to worry.

However, funding rates remain moderately positive. They indicate that investors are confident about Bitcoin and are willing to compensate sellers for holding their positions.

However, the Spent-Output-Profit (SOPR), which measures the performance of short term holders (STH), shows that very few people have profited from the recent increase despite many STHs having returned to profitability. 

This indicator, which is valued at 1,01 % at the moment, suggests that STHs realize profits at rates much lower than those in March 2024 and November 2024. Profit taking activity is relatively low compared to March 2024 and Nov 2024.

It is important to note that the word “you” means “you”. 30 bull market peak indicators CoinGlass suggests that Bitcoin does not show signs of overheating, with a $187,000 BTC in play.

The Bitcoin price is not the only technical aspect “top might be in”

Popular analyst Captain Faibik believes that a number of technical factors suggest the BTC could have reached a peak price at $124,000.

The analyst examined Bitcoin on Thursday. said After grabbing liquidity in its rise to new highs, BTC/USD has been sending out a series of bearish signs, such as the appearance of the “9th TD sell candle” On the daily chart. 

Divergence to the downside from daily relative strength index The rising wedge indicates a decreasing buying pressure. This is usually accompanied by a downward price trend.

Captain Faibik has written:

“This combination suggests the top might be in and a bearish rally could be around the corner.”

Bitcoin’s RSI shows a retracement following overbought condition on various time frames. Bitcoin’s RSI reached 72, 71, and 70 respectively on the 4-hour, 12-hour, and daily charts as BTC reached new all-time heights.

Chart below shows that the retracement from 124,000 to $121,000 was a result of overbought levels. Bitcoin’s rise to the previous high resulted in overbought levels. all-time highs of $123,000 in July A 6% withdrawal to $115,000 also occurred before.

These metrics may indicate a short-term pullback, but RSI does not guarantee a trend reversal. BTC’s price could rise further, as crypto prices fluctuate. increasing institutional demand The following are some examples of how to get started: money supply growth.

This article contains no investment recommendations or advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.