Bitcoin Trades Above $105K Amid Signs of Market Overheating
Market Overview
Bitcoin is trading above $105K as Asia's business week begins, showing a 0.4% change over the weekend with low trading volume. A report from CryptoQuant indicates that the BTC market may be “overheating”:
- Demand for Bitcoin reached 229,000 BTC in the last 30 days.
- Whale-held balances increased by 2.8%, suggesting slowing accumulation.
- The current rally peaked at $112,000, with potential resistance at $120,000.
- The Bull Score Index remains strong at 80, indicating ongoing bullish momentum.
News Highlights
- James Wynn Liquidated: Trader James Wynn faced liquidation after losses exceeding $17 million, leaving only $23 in his account.
- Méliuz Equity Raise: Brazilian fintech Méliuz plans to raise $78 million for Bitcoin purchases; shares dropped over 8% post-announcement.
- NYC Comptroller Opposes BitBond: NYC Comptroller Brad Lander criticized Mayor Adams' plan for Bitcoin-backed municipal bonds, citing instability and legal concerns.
Market Movements
- BTC: Showed resilience with a recovery between $103,813.37 and $105,305.75.
- ETH: Formed a bullish reversal pattern, rebounding from $2,472.84 to $2,527.53.
- Gold: Increased by 0.6% to $3,311.66 amid economic uncertainty.
- Nikkei 225: Dropped 0.89% due to mixed market reactions to tariffs.
- S&P 500 Futures: Dipped following a strong previous month amid tariff uncertainties.