Editor's PiCK
[Analysis] "Bitcoin exceeds $105,000... Some indicators suggest market overheating"
Summary
- Bitcoin demand surged to 229,000 BTC, which is near the all-time high recorded in December 2024.
- Some indicators point to market overheating and the accumulation speed of Bitcoin by whales is slowing down, so investment caution is necessary.
- It is analyzed that the next resistance level for Bitcoin is expected to be $120,000.
Bitcoin (BTC) is showing slight gains during intraday trading. However, some indicators suggest that the market is overheating, so caution is advised when investing.
On the 1st (local time), the virtual asset (cryptocurrency) specialized media platform CoinDesk reported, citing data from CryptoQuant, that some indicators are pointing to market overheating.
CoinDesk explained, "According to the report, over the past 30 days, Bitcoin demand surged to 229,000 BTC, approaching the all-time high of 279,000 BTC recorded in December 2024," and added, "During the same period, the Bitcoin balance held by whales increased by 2.8%, indicating that the pace of accumulation by whales is slowing down." It continued, "These indicators suggest that Bitcoin's short-term rally may be nearing its peak."
Furthermore, CoinDesk analyzed, "After reviewing metrics such as the on-chain realized price for traders and unrealized profits, the next resistance level for Bitcoin appears to be $120,000."
Meanwhile, as of 10:05 a.m. on the 2nd (Korea time), Bitcoin is trading at $105,461 on Binance, the world's largest exchange, up 1.02% from the previous day.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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