CandleFocus Bitcoin Price Nears ATH on ETF Boost, But Market Top Looms Over BTC
2024-10-30
Author: Content Editor
Bitcoin's price is approaching its all-time high (ATH) of $73,800, signaling a potential breakout from a descending wedge pattern and a strong rally. The recent uptrend has been driven by inflows from spot ETFs, indicating increased institutional interest in Bitcoin. However, there is a potential threat of a market top as the majority of Bitcoin's supply is currently in profit, suggesting overbought conditions. If Bitcoin manages to flip the ATH into support, it could achieve a new ATH and continue its upward movement. However, profit-taking and selling pressure could delay the rally or cause a temporary fallback.
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