Daily, weekly, monthly timeframes - all overbought

Bitcoin extended its rise above $64,000 overnight. Since our previous update, there has not been much change to the number of Bitcoin addresses with balances exceeding 1,000 BTC. However, the addresses with balances exceeding 100 BTC continue to gain growing momentum. On the technical side, daily, weekly, and monthly time frames remain bullish, with multiple indicators suggesting overbought conditions. As these developments likely foreshadow a significant pullback in Bitcoin's price (in the coming days or weeks), caution is still highly advised.

Illustration 1.01

The image above shows simple support/resistance levels for BTCUSD, derived from past peaks and troughs.

Illustration 1.02

Illustration 1.02 shows the daily chart of BTCUSD. The red arrow indicates the decreasing volume accompanying the increasing price (following the breakout above $60,000). Generally, these developments are questionable and worrisome. Nevertheless, in the past few months, a low volume in Bitcoin favored the upside and often preceded abrupt moves higher.

Technical analysis gauge
Daily time frame = Bullish
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.

Comment:

There was no significant change in the number of Bitcoin addresses with balances exceeding 1,000 BTC overnight. Meanwhile, addresses with balances exceeding 100 BTC dropped a bit.

Illustration 1.03

Interestingly, during the night, Bitcoin nearly hit all-time highs at $69,000; it stopped only $150 below it.