🚀 Bitcoin Hits New Highs
Bitcoin (BTC) surged to $94,750, driven by Grayscale’s Bitcoin ETF options launch and BlackRock’s record debut. With just 5.5% to the $100K milestone, Bitcoin’s market cap stands at $1.88T, making it the world’s seventh-largest asset. Mainstream acceptance continues to attract new investors.
📊 On-Chain Metrics Signal Caution
CryptoQuant data shows the Realized Cap is stagnant, indicating weak bullish momentum. Coin Days Destroyed (CDD) surged to 15.14M, signaling long-term holders are selling—a common market top indicator. The Fear & Greed Index at 90 reflects extreme greed, raising the likelihood of a pullback.
📈 Optimism for $100K
Bitcoin’s MVRV ratio stands at 2.6, showing unrealized profit but no macro top. Historically, a value of 4 signals a market peak, suggesting BTC could hit $100K before a downturn. Grayscale’s ETF options launch adds fuel to the rally, potentially boosting market dynamics.
⚠️ Price Forecast and Risks
BTC could test $100K if upward momentum persists, but RSI at 78 indicates overbought conditions, increasing correction risks. If BTC drops below $87K, it could decline to $85K or further to $78.8K. Traders should remain cautious, especially when RSI exits the overbought zone.
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