The king of cryptocurrencies, Bitcoin (BTC) is outperforming almost all the currencies since the start of October and has proved why it dominates the whole market. But everything comes with a price. Many times, it has to face threats from altcoins.
Investors need to keep an eye on the rising prices as the price surge is highly steep. In the last ten days, it has risen from $42,000 to $55,800, clearly indicating the arrival of the Bulls.
The situation led to coins’ price surge, including the viral meme coin Shiba Inu whose price increased more than 350% in just seven days.
This string and real quick recovery bring risks along with it. In such a fast-growing pattern, the possibility of the reversal of the trend also increases.
The total profit supply of the market is around 93%, just 2% below the market top when 16% of the coins in the industry recovered from all the losses of September month. Additionally, they are in the profit zone.
Bitcoin is rising, but…
Both historically and technically, a sudden rise in market price always brings a sudden reversal pattern. Despite the 17% profit the market has made, BTC is still going up, which signals the investors that they can see a market peak soon.
Looking at the historical data, there have been cases when such a sudden high didn’t bring a crash like in the April bull run, which led to an all-time high of BTC. But as soon as the profit supply exceeded 95% in May 2021, the market saw a major sell-off leading to a huge struggle.
Therefore, experts are suggesting investors and short-term traders stay calm and restrain their bullish attitude to avoid any major negative situation. Even currently, BTC’s buying pressure is much larger than its selling pressure.
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