Is the price of Bitcoin close to a new peak?
The post Is the price of Bitcoin close to a new peak? appeared on BitcoinEthereumNews.com. Yesterday, the price of Bitcoin returned to nearly reach $100,000. It hadn’t happened since February 21. The rise was triggered by an official statement by Donald Trump, according to which a trade agreement with a major country will be announced today. However, there are some indicators that suggest that this rebound might have brought the price of BTC dangerously close to a local peak. “`html The local peak of the Bitcoin price “` According to a recent post by the analyst Kripto Mevsimi published on the CryptoQuant blog, since Bitcoin investors are already taking profits aggressively, there is a risk that its price is approaching a local peak. The analyst states that the net profit realized at 7 days (7DMA) of Bitcoin has remained strongly positive since the beginning of 2024. The chart that was posted shows how the local peak of 7DMA was reached in November 2024, when the price of BTC surged past $90,000, with a second lower peak in December, when it recorded the all-time high at $108,000. In January, Bitcoin then recorded a new all-time high at $109,000, and then it fell. Subsequently, the 7DMA had then fallen, but starting from the end of April it began to rise again, even though it remained well below the peak of November. However, this suggests that it could be heading towards a new local peak, and that this peak could lead to a new local peak also concerning the price of Bitcoin. The fact is that, as Mevsimi highlights, profit-taking on Bitcoin is still aggressive, meaning high, even if not yet like in November-December 2024. The analyst writes: “If we look back at similar cycles (for example, 2021), this phase has often preceded a local peak or a sharp correction, especially when profit-taking has remained high and ongoing”. …
The post Is the price of Bitcoin close to a new peak? appeared on BitcoinEthereumNews.com.
Yesterday, the price of Bitcoin returned to nearly reach $100,000. It hadn’t happened since February 21. The rise was triggered by an official statement by Donald Trump, according to which a trade agreement with a major country will be announced today. However, there are some indicators that suggest that this rebound might have brought the price of BTC dangerously close to a local peak. “`html The local peak of the Bitcoin price “` According to a recent post by the analyst Kripto Mevsimi published on the CryptoQuant blog, since Bitcoin investors are already taking profits aggressively, there is a risk that its price is approaching a local peak. The analyst states that the net profit realized at 7 days (7DMA) of Bitcoin has remained strongly positive since the beginning of 2024. The chart that was posted shows how the local peak of 7DMA was reached in November 2024, when the price of BTC surged past $90,000, with a second lower peak in December, when it recorded the all-time high at $108,000. In January, Bitcoin then recorded a new all-time high at $109,000, and then it fell. Subsequently, the 7DMA had then fallen, but starting from the end of April it began to rise again, even though it remained well below the peak of November. However, this suggests that it could be heading towards a new local peak, and that this peak could lead to a new local peak also concerning the price of Bitcoin. The fact is that, as Mevsimi highlights, profit-taking on Bitcoin is still aggressive, meaning high, even if not yet like in November-December 2024. The analyst writes: “If we look back at similar cycles (for example, 2021), this phase has often preceded a local peak or a sharp correction, especially when profit-taking has remained high and ongoing”. …
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