The Bitcoin network fundamentals were strong, but some metrics suggested that it might be overvalued and profit-taking could occur.
posted strong gains in the hours before press time, gaining 3% in the last 24 hours. It was trading at $71.1k at press time but faces resistance at the $71.4k zone. The lack of trading volume recently meant there’s a chance of another range formation.
It has steadily trended higher in the past eight months but was nowhere close to the previous cycle highs. Consequently, it is likely that the current Bitcoin prices might not be the end of the bull run.The Net Unrealized Profit/Loss metric was above 0.5 which generally occurs during a bull run. It is the ratio of investors in profit, and with so many holders in the money, it showed that holders have good reason to book profits.
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