![Bitcoin [BTC]: The rest of the month may not be fruitful, here is why](https://i.headtopics.com/images/2023/2/4/cryptoamb/bitcoin-btc-the-rest-of-the-month-may-not-be-fruit-bitcoin-btc-the-rest-of-the-month-may-not-be-fruit-1621909699988803585.webp)
BTC’s Realized Capitalization showed that the leading coin is now overbought. On-chain assessment hints at a price drawback in the coming days. According to CryptoQuant analyst Axel Adler Jr, due to the bullish nature of the general cryptocurrency market since the year began, the Realized Capitalization metric for many assets grew significantly in the past […]
On-chain assessment hints at a price drawback in the coming days., due to the bullish nature of the general cryptocurrency market since the year began, the Realized Capitalization metric for many assets grew significantly in the past 20 days.
The metric, which takes into account the cost of production for each coin, provides a more accurate picture of the market’s overall health and is considered to be a better indicator of the true market sentiment towards a cryptocurrency.However, an assessment of Bitcoin’s [BTC] Realized Capitalization metric over a single-day average revealed that the coin’s Stochastic RSI oscillator lay at the overbought region.
Generally, an asset’s Stoch RSI oscillator presents overbought conditions when the asset has been trading at a relatively high price for a prolonged period of time, leading investors to believe that the asset is overvalued and due for a correction. According to Adler,Source: CryptoQuantWhile BTC’s price oscillated within a tight range in the last week, the on-chain analysis showed an uptick in transactions and accumulation among large investors.
A new whale address emerged, going from zero to holding 13,369 BTC, valued at approximately $313.1 million, in a single transfer.
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