While most BTC wallets are in profit, it’s also important to point out that the high values of the indicator may suggest that the traders will take profit soon because the market is getting oversaturated and they do not want to be victims of a potential market retrace.
Additionally, while Bitcoin’s development activity rises (according to Santiment’s data) and it highly correlates with its price, the 35-day intensive price increase may lead to skepticism among market influencers and participants. In conclusion, both technical indicators and market data suggest a slight overheat in the market.
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