CandleFocus Bitcoin’s (BTC) Rally to $80,000 May Be Short-Lived as Greed Overtakes Investors
2024-09-23
Author: Content Editor
Bitcoin's price breakout to $80,000 is hindered by BTC holders actively selling off their assets, creating selling pressure. The rising realized profit/loss ratio indicates investors taking profits rather than holding for further gains, potentially leading to corrections. The Fear and Greed Index also shows a shift towards greed, increasing selling pressure as investors prioritize securing profits. Bitcoin must reclaim $65,000 as support to confirm the breakout and reach $80,000. However, if bearish pressure persists and it fails to do so, a potential drawdown below $61,846 could occur.
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