Bitcoin Nears $100K: Analysts Warn of Potential Correction
TL;DR Summary
Bitcoin's recent surge to near $100,000 has raised concerns about potential overheating, with key indicators suggesting caution. The Relative Strength Index (RSI) indicates overbought conditions, while the Spent Output Profit Ratio (SOPR) shows increased profit-taking. Additionally, rising Funding Rates suggest an overleveraged market, reminiscent of past peaks. These factors point to a possible market correction, which could stabilize Bitcoin's growth trajectory.
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