Bitcoin's price briefly dropped below the key 200-WMA level of $26,096 on Friday before rebounding to a 24-hour high of $26,989. However, on-chain data suggests a bearish outlook for BTC price, indicating that it may be time to book some profits. The Puell Multiple, a key on-chain metric, has reached almost 2.0, which could be another confirmation that BTC price has likely reached its peak and may fall ahead. BTC prices started falling due to several factors, including macroeconomic factors, a wrong report on BTC selloff by the U.S. government, and high Bitcoin transaction fees.
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