Bitcoin Hits $111K ATH But Market Shows Caution Amid Overbought Signals 📈
Bitcoin has breached the $111,000 threshold, marking a new all-time high. While this milestone is significant, the market reaction lacks the exuberance typical of previous bull runs in 2017 and 2021. Despite Bitcoin's strong uptrend, indicated by the 50-day EMA crossing above the 200-day EMA, caution arises due to overbought signals as the price surpasses short-term averages.
Trading volume is on the rise, supporting a bullish sentiment. However, the market is wary of emerging signs of overextension, signalling the need for cautious optimism amid the impressive price action. The breakout beyond the $102,000 resistance level remains solid, underpinning the current bullish trend.
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