Rally

Bitcoin

when

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoins-rally-and-potential-pullback-market-watch/" data-wpel-link="internal">Bitcoin’s Rally and Potential Pullback: Market Watch</a> 
<a href="https://coin-turk.com/bitcoin-btc-60-000-dolarlik-direnci-asabilecek-mi" data-wpel-link="internal">Bitcoin</a> price’s surge past $70,000 before the halving was predicted by only a few experts, and <a href="https://coin-turk.com/kripto-para-borsalarindaki-bitcoin-rezervleri-sert-dustu" data-wpel-link="internal">BTC</a> managed to achieve this. This means that expert predictions do not necessarily translate into future news, and there is no guarantee that <a href="https://en.coin-turk.com/robinhood-to-launch-spot-bitcoin-etf-trading/" data-wpel-link="internal">Bitcoin</a> will follow the majority’s expected direction. Still, what do the latest indicators, historical data, and expert opinions say about cryptocurrencies? 
<h2 style="text-align: justify" id="will-cryptocurrencies-decline">Will Cryptocurrencies Decline?</h2> 
The leading cryptocurrency recently reached an all-time high of $72,800. Even as the daily close approaches, it continues to settle above $72,000. What happens after Asian investors wake up in a few hours is a matter of widespread speculation. However, the TD sequential indicator suggests that a price drop may be imminent. 
Independent analyst Ali notes that the indicator is signaling a sell due to <a href="https://en.coin-turk.com/rapidly-increasing-number-of-searches-for-spot-bitcoin-etfs-on-google/" data-wpel-link="internal">BTC</a>‘s price trading above $71,700 on a 12-hour chart. Moreover, this sell signal has historically preceded downturns. 
<blockquote> 
 “Since the beginning of February, each time this indicator signaled a sell, the BTC price dropped by 1.6% to 3.5%. This trend is something short-term investors should monitor closely.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-326038 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/BTC-Dusebilir.jpeg" alt="" width="1200" height="750"> 
In this case, a retracement of BTC’s price towards $70,000 seems likely. While still a high price, a 3.5% correction could have a multiplier effect on altcoins. 
<h2 style="text-align: justify" id="bitcoin-overheated">Bitcoin Overheated</h2> 
Analysts at CryptoQuant have been warning investors about an overheated market since BTC surpassed its all-time high. We used to talk about how BTC’s price could surge massively as traditional finance investors succumbed to FOMO, and now we are witnessing it. I believed in what was to come when I wrote about it back then. And at some point, I believe that excessive sales through the ETF channel could also lead us into a unique downward spiral. This may not have a significant short-term impact, but the onset of the next bear markets will likely be very painful. 
<img loading="lazy" loading="lazy" decoding="async" class=" wp-image-326039 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/CryptoQuant-BTC-dusus-uyarisi.png" alt="" width="747" height="569"> 
CryptoQuant experts also mentioned another metric indicating that miners have been overpaid due to profits reaching their highest levels since December 2023. 
<blockquote> 
 “With profitability reaching its highest level since December 2023, miners are now considered to be excessively overpaid.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-326040 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/CryptoQuant-BTC-dusus-uyarisi2.png" alt="" width="1187" height="689"> 
CryptoQuant also notes that unrealized profit margins for investors have reached 57%, historically associated with upcoming corrections. 
<blockquote> 
 “Additionally, short-term investors have started selling with the highest profit margins since February 2021, potentially signaling increased selling pressure.” 
</blockquote> 
<img loading="lazy" decoding="async" loading="lazy" class="size-full wp-image-326041 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/BTC-RSI.png" alt="" width="2114" height="1221"> 
The RSI is in the overbought zone, and the fear and greed index is at 82, indicating extreme greed. All these factors typically suggest a price drop is due, and a deeper interim correction could lead to significant losses in altcoins. 
<img loading="lazy" decoding="async" loading="lazy" class="size-full wp-image-326042 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/Korku-ve-Acgozluluk-Endeks.png" alt="" width="2230" height="1034"> 
Despite all this, we should not forget that BTC recently found buyers at $38,500 and that major altcoins have not yet strayed too far from their prices on those days. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoins-rally-and-potential-pullback-market-watch/" data-wpel-link="internal">Bitcoin’s Rally and Potential Pullback: Market Watch</a></h5>

Bitcoin’s Rally and Potential Pullback: Market Watch

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