Bitcoin Nears Record High Amid Market Correction Signals

Share on Facebook Share on Twitter

The Essentials in Brief

Bitcoin (BTC) is on a winning streak and is approaching an all-time high. However, despite the current upward trend, key indicators point to potential selling pressure. The question now is whether this “extreme greed” of investors could cause problems for BTC.

Bears at the Starting Gate

According to CoinMarketCap, BTC was significantly above the $66,000 mark, as its value has risen by more than 5% in the last 24 hours. At the time of writing this article, BTC was trading at $66,769.99, with a market capitalization of over $1.3 trillion.

However, a well-known crypto analyst, Ali, has given a sell signal. The TD Sequential indicator showed a sell signal for BTC on the 4-hour chart. Since February 15, the price of BTC has fallen by 1.5% to 4.7% each time this indicator suggested a sale.

Rising Selling Pressure

In addition to these bearish metrics, the BTC fear and greed index shows a value of 90, indicating high “greed” in the market. Whenever the index reaches this value, the chances of a price correction are high.

According to data from CryptoQuant, the net deposits of BTC on exchanges are high compared to the 7-day average. Higher deposits can be interpreted as higher selling pressure.

Our Assessment

Despite the bearish indicators, the MACD (Moving Average Convergence Divergence) remains in favor of buyers, as it indicates a bullish advantage in the market. It remains to be seen whether the “extreme greed” of investors will actually lead to a price correction or whether Bitcoin can continue its upward trend.

Sources: Dipayan Mitra, Ann Maria Shibu, Ali, CoinMarketCap, CryptoQuant.

Share on Facebook Share on Twitter
Casinos: 48
Profile Bitcoin
Symbol BTC
Coin type Alt Coin
Transaction Speed Slow
Pros
  • First cryptocurrency, therefore very widespread
  • Largest selection of casinos among the coins
  • Many BTC based bonus offers
Cons
  • Fairly low transaction speed
Price 60.429,00 €
Percent Change 24h -0,26 %
Percent Change 7d -5,27 %
Percent Change 30d -6,41 %
Percent Change 60d 0,33 %
Percent Change 1y 142,97 %
Market Cap 1.193.021.517.827,00 €
Max. Supply 21.000.000
Official Links
Socials Reddit | X | Message Board
Best 3 Bitcoin casinos

Latest News

Created by

Before joining Kryptocasinos.com I've worked with some of the biggest brands in the iGaming industry. I currently lead the North American initiatives at KC, overseeing our reviews process for the US and Canada. In my leisure moments, you'll discover me immersed in the creation of avant-garde fractal art or engaging in culinary experiments as I invent new dishes.
Reviewed by
Nerd of Numbers

Last update: 11. June 2024

kryptocasinos.com Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

🍪
We use cookies. By using this site, you accept them.