According to CryptoQuant.com, net flows from exchanges showed a strong increase after Bitcoin reached $123,000, suggesting profit-taking. A company publication noted:
"This kind of movement often suggests a local top and could lead to a healthy correction or consolidation in the coming days."
Meanwhile, the Cryptocurrency Fear and Greed Index rose to 70, placing it firmly in the "Greed" zone. While this reflects positive sentiment from investors, high levels of greed can also indicate overbought conditions. According to analysts, traders often take profits when the index reaches such levels.
Derivatives markets showed increasing momentum, with a 3.87% rise in Bitcoin futures open interest, reaching $87.95 billion. According to Coinglass, trading volume also increased by 146.88%, surpassing $152 billion, indicating strong, albeit possibly excessive, buying pressure that could sustain the bullish price trend of BTC.
