Bitcoin (BTC) cools off from ATH; here's why steeper correction is possible
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With the palpable excitement from investors to bet on the coin at the moment, CryptoQuant is warning that a major correction might be ahead for the top coin. The analytics platform laid out some factors that show a correction might truly be underway for the coin. It highlighted how"the Bull-Bear Market Cycle Indicator has flagged an Overheated-Bull phase as prices soared above $65K."With the price now changing hands for $68,472.28, up by 1.
In addition, CryptoQuant highlighted how traders' unrealized profit margins have jumped to 57%. The analytics platform noted that when the range is as high as this, it is historically associated with a correction as traders are bound to take profits eventually.With the alarm bell sounding, the question remains how steep Bitcoin's price can fall with the impending correction.
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