On-Chain Data Shows Bitcoin Rally Has Yet to Enter “Overheated” Territory

On-Chain Data Shows Bitcoin Rally Has Yet to Enter “Overheated” Territory


Bitcoin’s rally has been heating up as of late, with bulls taking full control of its price action as they sent its price rocketing past its previous all-time highs overnight This rally didn’t last for too long, as an influx of selling pressure around $36,000 slowed its ascent and caused it to reel towards $34,000 It has been consolidating around this price level ever since, and it remains unclear as to whether it will see an extended consolidation phase here or if it will regain its momentum One on-chain analyst explained in a recent tweet that a reliable indicator shows that although Bitcoin’s rally is warming up, it still has a long way to go before it enters “overheated” territory

Bitcoin has been creating massive tailwinds for the entire crypto market over the past few days and weeks, with its uptrend’s strength showing few signs of wavering.

One on-chain analyst explained in a recent tweet that he

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