Bitcoin Price Analysis: BTC Flirts with $30K, Warning Signs Emerge

Bitcoin's price has successfully broken above the $30K resistance level but is showing signs of potential retracement or reversal. Technical analysis indicates overbought conditions and a possible short-term decline if the price retreats below $30K. On-chain analysis reveals an increase in the Miners' Position Index (MPI), suggesting potential selling activity by miners to cover operational expenses. If this selling behavior continues, it could lead to an oversupply of Bitcoin and a significant price crash. Investors are advised to exercise caution and monitor the situation closely.