Bitcoin (BTC) price remains within a bullish technical formation, but its upside potential is not that certain, at least for the short term, as the next buyer congestion level is much lower.
Bitcoin’s new large wallet investors have bought BTC at an average price of $56,400, mostly via Spot ETFs. Bitcoin’s realized capitalization data shows nearly 50% of realized cap is dominated by short-term holders, new investors. BTC halving is 30 days away and inflow to Spot ETFs has climbed to $2.5 billion in the past week.
Nevertheless, Welles Wilders, the father of several technical indicators, says an asset is only ripe for selling when the RSI crosses below 70. Traders with current open long positions for BTC should probably leave them open as the upside potential remains viable. Those looking to open new long positions, however, should probably exercise caution as the overbought status, seen with the RSI above 70, puts Bitcoin price in high risk of an extended fall.
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