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Home CRYPTO

Bitcoin Failed to Make a New All Time High; Is a Pullback Overdue?

Michael Juanico by Michael Juanico
October 31, 2024
in CRYPTO, OPINION
Reading Time: 3 mins read
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• Over 99% of Bitcoin supply is in profit, hinting at potential profit-taking and selling pressure
• Bitcoin’s Relative Strength Index (RSI) is displaying overbought conditions across multiple timeframes
• Bitcoin price hit resistance just below the $73,800 all-time high, failing to produce a decisive daily candlestick close above this level

The price of Bitcoin (BTC) has seen a significant rally in recent days, rising over 10% between October 26th and October 29th to reach $73,600, just 0.2% below its all-time high of $73,808. However, several technical and on-chain indicators are now raising concerns that this rally may be losing momentum and a price reversal could be on the horizon.

Over 99% of BTC Supply is in Profit, Hinting at Overheating

Bitcoin’s push towards its all-time highs has resulted in almost all holders returning to profit. Data from CryptoQuant shows that less than 1% of Bitcoin investors were still at a loss when the price reached $72,323 on October 31st. This means 99% of the supply is now in profit.

According to analytics firm IntoTheCryptoverse, a moving average (MA) line approaching 100% often signals overheated conditions. Historically, the 50-day SMA reaching 97% or above has been a decent indicator of an impending short-term pullback. Currently, the 50-day SMA is at 86.3% and rising, suggesting the market could be becoming overbought.

Bitcoin’s RSI is Flashing Overbought on Multiple Timeframes

The RSI heatmap from CoinGlass shows Bitcoin’s RSI is displaying overbought conditions on the daily, 12-hour and 4-hour timeframes. Overbought conditions generally reflect that recent price increases may be overextended and due for a reversal.

The Crypto Fear & Greed Index from Alternative.me, which tracks market emotions and sentiments, is also showing ‘Extreme Greed’ at a value of 77. Alternative notes that historically, when investors become too greedy, the market is often due for a correction.

Bitcoin Faces Technical Resistance Above $73K

From a technical perspective, Bitcoin faced resistance just below its all-time high of $73,500. Previous failures to break above all-time highs this year have resulted in significant price drawdowns.

Unless Bitcoin bulls can produce a decisive daily close above $73,500 and flip it to support, failure to break out could cause a drop towards $71,500 or lower as long positions are liquidated. Data from CoinGlass shows a wall of sell orders has built up near $73,000, highlighting the importance of this resistance zone.

In summary, while the rally remains strong, overbought metrics and overhead resistance warrant caution in managing risks. However, these conditions do not guarantee a price reversal, especially given the positive fundamentals for Bitcoin going into November.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: all time highBitcoinBitcoin investorsCoinglassCryptoQuant
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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