Bitcoin's price recently rallied by over 10%, reaching $73,600, close to its all-time high of $73,800, before retracing to $72,300. This price increase has raised concerns among analysts regarding potential profit-taking that could lead to a price correction. With over 99% of Bitcoin investors in profit at the current price, analysts predict increased selling pressure. The moving average is approaching 100%, which has historically indicated an overheated market and a possible pullback. Additionally, Bitcoin’s Relative Strength Index (RSI) shows overbought conditions across multiple timeframes, suggesting that a price correction could be imminent. The Crypto Fear and Greed Index indicates 'extreme greed' among investors, which often precedes market corrections. Technical analysis reveals that Bitcoin faces strong resistance just below its all-time high. Failure to overcome this resistance could lead to further declines towards $71,500, particularly if liquidations occur among long positions. While these metrics serve as cautions to investors, it's crucial to remember that such indicators do not guarantee price corrections, especially as November progresses.

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