Bitcoin has reached a significant milestone as the stochastic indicator hits the 80th percentile for the first time in its history. This development raises questions about the sustainability of the current price rally and whether we are nearing a peak in the market cycle, as the source notes that such indicators often precede corrections.
Bitcoin's Critical Resistance Level
Furthermore, experts warn that if Bitcoin does not manage to close above the critical resistance level of $108,000 by the end of March, it may face increased downside pressure. This scenario could lead to a correction, impacting investor confidence and potentially triggering a sell-off in the market.
As Bitcoin attempts to surpass the $90,000 mark, the recent developments in the CME futures market could significantly influence its price movements. For more details, see more.
