Overbought? Bitcoin Eyes $12k, But Correction Possible

Bitcoin may soon move to fresh all-time highs above $12,000, but signs of trader fatigue are still evident, price chart analysis suggests.

Prices of the cryptocurrency have already neared Sunday’s record high of $11,831 this morning, reaching $11,793 at around 08:00 UTC, as per CoinDesk’s Bitcoin Price Index (BPI). At time of writing, bitcoin has dropped back a little to $11,649.

Looking at CoinMarketCap data, bitcoin (BTC) has gained 4.18 percent in the last 24 hours, and 18% over the last 7 days.

Importantly, the bulls scored a brownie point yesterday by ensuring that bitcoin closed (as per UTC) above last week’s highs near $11,500. While prices did hit the new high of $11,831 Sunday, the day’s close was below previous record highs – a sign of bull market exhaustion…

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