BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

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

by Sham
October 31, 2024
in CRYPTO, OPINION
Reading Time: 3 mins read
A A
3
SHARES
56
VIEWS
Share on XShare in TelegramShare on Reddit

• 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.

Tags: all time highBitcoinBitcoin investorsCoinglassCryptoQuant
Tweet1ShareShare
Previous Post

Donald Trump Vows To End the War on Crypto in the US; Takes Dig at Kamala Harris

Next Post

Ethereum Poised for Rally to $2,800, with Analysts Suggesting a Recent Dip to $2,500 Marked its Final Pullback

DON'T MISS THESE! HOT OFF THE PRESS

Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules
CRYPTO

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit
FINANCE

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out
FINANCE

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Deutsche Bank Eyes 2026 Launch for Bitcoin and Ethereum Custody
FINANCE

Deutsche Bank Eyes 2026 Launch for Bitcoin and Ethereum Custody

July 1, 2025
Load More

Related News

Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.