‘Overbought’ Bitcoin Drops Below $64K as ISM Manufacturing Data Looms: 10x Research
In a recent report, Markus Thielen, founder of 10x Research, highlighted that Bitcoin (BTC) seems to be overbought in the short term. This is evident from the increased levels of the Greed & Fear index. Thielen pointed out that current short-term reversal signals are bearish, suggesting that a pullback may be on the horizon in the coming days.
Thielen’s analysis raises concerns about the recent bullish trend in BTC and indicates that caution may be warranted for investors. While Bitcoin has seen significant gains in recent weeks, the possibility of a pullback could present a buying opportunity for those looking to enter the market.
As investors navigate the volatile cryptocurrency market, staying informed about technical indicators and market trends is essential. Keeping a close eye on signals like the Greed & Fear index can help traders make informed decisions about their investments.
