Bitcoin is currently holding strong support at $95,000, but there are concerns that the cryptocurrency's overvaluation could lead to a correction. The Network Value to Transactions ratio suggests that Bitcoin is overvalued, with network value exceeding actual transactions. The rising NVT ratio indicates a potential mispricing and a higher chance of a price correction unless network activity catches up with valuation. The Fear and Greed index is nearing the Greed zone, signaling potential overvaluation and a possible correction. Bitcoin's future price will depend on how market sentiment evolves. If support levels hold, Bitcoin could maintain stability, but if pressure from overvaluation and shifting market sentiment increases, it could fall below support levels and decline further. On the other hand, if Bitcoin can bounce back above support and breach resistance levels, bullish momentum could return with a potential upward trajectory.



Other News from Today