Bitcoin's new record high has traders asking: Did BTC price top at $124K?

2 hours ago

Key takeaways:

Bitcoin deed a caller all-time precocious of $124,450 connected Thursday, but signs of overheating are starting to appear.
Several method indicators suggest a imaginable apical astatine $124,000.

Bitcoin (BTC) recorded a caller all-time precocious of $124,450 during the aboriginal Asian trading hours connected Thursday. However, BTC terms pulled backmost to $121,670 astatine the clip of writing.

Despite the correction, determination are mixed signals astir whether the terms rally has peaked oregon whether this is simply a steadfast pullback.

Onchain data: Bitcoin terms hasn’t peaked yet

Bitcoin is not showing immoderate signs of peaking contempt reaching caller all-time highs today, with respective onchain metrics suggesting Bitcoin could emergence further.

Overheating indicators specified arsenic backing complaint and short-term superior inflow stay debased compared to erstwhile peaks, and profit-taking by short-term investors is limited, according to information from CryptoQuant.

Bitcoin’s backing rate, an indicator utilized to bespeak an overheated market, shows an summation successful agelong bets. However, these bets stay overmuch smaller compared to erstwhile peaks, suggesting that Bitcoin inactive has further country to spell earlier overheating conditions footwear in.

A spike successful Bitcoin funding rates tin sometimes origin interest among marketplace participants astir accrued Bitcoin volatility and liquidation risks.

Still, the backing rates are lone moderately positive, signaling that traders are optimistic astir Bitcoin’s terms and buyers are consenting to wage sellers a interest to clasp their positions.

Meanwhile, the short-term holder (STH) Spent Output Profit Ratio (SOPR) metric reveals that fewer person taken profits during the caller emergence contempt STHs returning to profit.

This indicator is presently valued astatine 1.01%, suggesting that STHs are realizing immoderate profits astatine overmuch little rates. Unlike successful March 2024 and November 2024, profit-taking enactment remains comparatively subdued.

The 30 bull marketplace highest indicators from CoinGlass suggest that Bitcoin shows nary signs of overheating with $187,000 BTC terms successful play.

Other technicals accidental Bitcoin terms “top mightiness beryllium in”

A operation of method indicators suggests BTC terms mightiness person topped astatine $124,000, according to fashionable expert Captain Faibik.

In his Bitcoin investigation connected Thursday, the expert said that aft grabbing liquidity connected its tally to all-time highs, the BTC/USD brace has sent a fig of bearish signals, including the quality of the “9th TD merchantability candle” connected the regular chart.

The bearish divergence from the regular relative spot index (RSI) shows weakening momentum, portion the rising wedge enactment indicates diminishing buying pressure, often preceding a terms decline.

Captain Faibik wrote:

“This operation suggests the apical mightiness beryllium successful and a bearish rally could beryllium astir the corner.”

Bitcoin’s RSI shows a retracement aft reaching overbought conditions connected aggregate clip frames. Bitcoin’s RSI deed 72, 71 and 70 connected the four-hour, 12-hour and regular charts, respectively, arsenic BTC deed caller all-time highs.

The retracement to $121,000 from $124,000 followed overbought conditions arsenic shown connected the illustration below. Overbought conditions resulting from Bitcoin’s tally to its erstwhile all-time highs of $123,000 successful July besides preceded a 6% drawdown to $115,000.

Even though these metrics are informing of a imaginable pullback successful the abbreviated term, it is important to enactment that RSI conditions bash not ever warrant a inclination reversal. Crypto prices are highly volatile, and BTC could proceed to rally, fueled by increasing organization request and money proviso growth.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

View source