Bitcoin Hits New High! $124K – Is This the Top or Just Another False Alarm?

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Key takeaways:

  • Bitcoin smashes a new record, hitting $124,450, but some might say it’s getting a little too hot.

  • Various technical indicators are raising eyebrows-$124K might be the peak, or is it?

In the early Asian trading hours on Thursday, Bitcoin (BTC) leapt to a thrilling new all-time high of $124,450. But alas, as the clock ticked on, Bitcoin retreated to $121,670. Was this a sign of market maturity or just a brief pause before the next dance with destiny? 😏

Despite the momentary retreat, traders are split. Was the rally just a brief spurt of excitement, or is Bitcoin gearing up for a second act? 🎭

Onchain Data: Bitcoin’s Journey Isn’t Over Yet

Bitcoin isn’t giving up just yet, despite its fresh records on Thursday. Several onchain metrics suggest it may still have some gas in the tank. The drama continues! 🎬

Key indicators, like the funding rate and short-term capital inflow, remain surprisingly low. CryptoQuant’s data reveals limited profit-taking by short-term investors, which raises an eyebrow. Seems like not everyone is in a rush to cash out. 🤑

The funding rate, often the harbinger of market overheating, is creeping up. But compared to previous spikes, these bets are relatively small. Could this mean there’s more room for growth before the whole thing boils over? 🍲

A rise in Bitcoin funding rates sometimes sends market participants into a panic. Thoughts of increased volatility and liquidation risks cloud their minds. But right now, funding rates remain modest, signaling that traders still fancy Bitcoin’s prospects-no cause for alarm just yet. 🧘‍♂️

Meanwhile, the short-term holder’s Spent Output Profit Ratio (SOPR) metric is looking more like a calm Sunday stroll than a sprint to the finish line. At 1.01%, profits are being realized, but at a sedate pace. Unlike March or November of 2024, this is no feeding frenzy. 🦈

CoinGlass’s bull market peak indicators remain unshaken, suggesting that $187,000 may still be a very real possibility. The sun still shines on this Bitcoin parade. ☀️

Some Say the Top is In… Or Maybe Not?

But then again, there are those who are ready to call it quits. According to the sharp-eyed Captain Faibik, Bitcoin may have already peaked at $124,000. 😬

In his Thursday analysis, Captain Faibik points to a number of bearish signals that have popped up since the high was hit, including the dreaded “9th TD sell candle” on the daily chart. Sounds ominous, doesn’t it? 😱

The relative strength index (RSI) has been showing signs of weakness, and a rising wedge pattern is forming-both classic prelude to a price drop. Captain Faibik doesn’t mince words, saying:

“This combination suggests the top might be in and a bearish rally could be around the corner.”

Bitcoin’s RSI has been hitting overbought conditions, registering 72, 71, and 70 on the four-hour, 12-hour, and daily charts, respectively. It seems even Bitcoin needs a moment to catch its breath. 💨

After hitting $124,000, a slight pullback to $121,000 followed. A similar dip to $115,000 earlier this year hints that Bitcoin is no stranger to volatility. 📉

Though these metrics are waving flags, it’s important to remember that RSI isn’t always the crystal ball it appears to be. In the wild world of crypto, trends can reverse on a whim, driven by institutional demand or even a sudden influx of money supply. Bitcoin could very well keep charging ahead. 🚀

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2025-08-14 13:15