Bitcoin’s Recent Surge and Potential Correction
- Bitcoin’s price increased by approximately 11.73% over the past week, reaching $122,246.
- Over 99% of Bitcoin’s circulating supply is currently held at an unrealized profit.
- Market analysts suggest a potential short-term correction of up to 10% based on historical trends.
- The Fear & Greed Index has risen to a level of extreme greed at a score of 71.
- Bitcoin maintains a market cap of $2.43 trillion with a dominance of 58.4%.
With Bitcoin trading around $122,246 after an impressive weekly gain, the cryptocurrency market shows signs of renewed confidence as indicated by high ETF inflows and bullish option trading calls.
However, with over 99% supply in profit, analysts caution that historical patterns could lead to a short-term correction before further gains are realized (Source)
