Bitcoin's Fear and Greed Index recently reached extreme greed levels, indicating heightened investor optimism and an accumulation phase. Bitcoin surged to new highs in response, leading to speculation about a potential correction. Bitcoin miners have been selling off their holdings, signaling a possible market top. However, long-term holders have sold fewer BTC compared to previous sell-offs, suggesting less selling pressure. On-chain data shows intense buying activity around the $89.2K price level, potentially serving as a pivotal support or resistance point. The interest at this level reflects investor sentiment and hints at potential market moves. If the level becomes resistance, there could be a decline, but a breakthrough may lead to new highs driven by positive sentiment and large-scale buys.



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