$BTC 🪩Bitcoin bullish phase may be forming, but overbought signals raise caution
CryptoQuant’s analysis suggests Bitcoin may be moving away from its previous weakness zone and gradually approaching a stronger bullish phase. The market has already experienced correction and consolidation, while extreme bubble or crash conditions have eased.
However, BTC is showing overbought RSI conditions, while widening Bollinger Bands point to elevated volatility. At around $78,240, a short-term pullback remains possible.
Institutional hedging also remains significant, with heavy put-option activity around Bitcoin ETFs potentially providing downside protection. If BTC continues higher, unwinding of these hedges and short covering could add buying pressure.
#eth #ada
CryptoQuant’s analysis suggests Bitcoin may be moving away from its previous weakness zone and gradually approaching a stronger bullish phase. The market has already experienced correction and consolidation, while extreme bubble or crash conditions have eased.
However, BTC is showing overbought RSI conditions, while widening Bollinger Bands point to elevated volatility. At around $78,240, a short-term pullback remains possible.
Institutional hedging also remains significant, with heavy put-option activity around Bitcoin ETFs potentially providing downside protection. If BTC continues higher, unwinding of these hedges and short covering could add buying pressure.
#eth #ada