June 24 (Cointime) - Bitcoin's price rose last week, crossing the $30,000 mark and giving hope to investors.
However, market participants locked in a $537 million profit, the second largest profit taking event in the past year, which could cause trouble as history has shown. While the Exponential Moving Average Ribbon and MACD indicators suggest a bullish market, Bitcoin's on-chain metrics, such as the Relative Strength Index being in an overbought position, suggest caution as selling pressure may increase and result in a price correction.
All Comments