Bitcoin continues to trade below its record high set earlier this month, hovering above the $119,000 mark. While price action over the past week has shown only a modest 0.3% gain, analysts suggest the market may be nearing a turning point.
The sideways movement in price has not deterred the broader bullish outlook, but on-chain indicators now suggest caution may be warranted. One such indicator comes from CryptoQuant’s QuickTake contributor Arab Chain, who flagged potential overheating in Bitcoin’s current market structure.
Bitcoin Bullish Trend Persists, but Signs Point to Caution
In a recent post, the analyst highlighted the behavior of the Bull and Bear Market Cycle Indicator, which now sits in a zone typically associated with strong bullish trends.
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