Key Points
- Over 98% of Bitcoin addresses were profitable due to recent bullish trends, but indicators suggest overvaluation.
- Long-term Bitcoin holders are showing signs of growing greed, potentially delaying market peak.
Bitcoin’s [BTC] recent price increase met investor expectations. However, the leading cryptocurrency began a consolidation phase as it neared the $100k mark.
A key BTC metric turned bearish, indicating a possible pullback.
Bitcoin Investors Show Greed
Bitcoin’s price rose by 8% last week, flipping its $96k resistance into a new support level, suggesting a further rise above $100k. This resulted in 53.24 million BTC addresses being in profit, representing 98% of all Bitcoin addresses.
Despite this, Bitcoin began consolidating in the last 24 hours as its daily chart turned red. At press time, it was trading at $97.7k. Crypto analyst Ali Martrinez noted that long-term BTC holders were showing signs of growing greed. Historically, this behavior could indicate an 8-11 month delay for BTC to hit a market top.
If this pattern holds true, Bitcoin’s market peak could be postponed to June or September 2025.
Bitcoin’s Metrics Analysis
Glassnode’s data suggest that the rising market greed could lead to a correction. After a sharp decline, Bitcoin’s NVT ratio began to rise again, indicating that BTC was becoming overvalued and a price drop could be imminent.
Despite this, the market remained broadly optimistic about BTC, as evidenced by the coin’s high accumulation trend score of over 0.9. This score indicates high buying pressure, which typically results in continued price increases.
Bitcoin’s Open Interest (OI) also remained high, suggesting the ongoing price trend could continue. However, Bitcoin was testing a trendline resistance, and the MACD indicated a possible bearish crossover. Furthermore, the Relative Strength Index (RSI) was in the overbought zone, potentially triggering a sell-off and restricting BTC from breaking above the resistance in the near term.