Bitcoin, Uptrend reversal…Short-term overheating adjustment phase

Bitcoin has turned into an upward trend since last April, and currently, it is said to be in a short-term overheat relief period. On-chain analyst Crypto Dan stated, "The Bitcoin market has trend-wise turned upwards since April, and since then, the selling pressure from US-based whale investors and institutions has decreased while the buying interest has been maintained."

He diagnosed, "Now is a time to adjust the overheating caused by the sharp rise, and in the short term, stagnation or adjustment may be inevitable." However, in the mid to long term, strong upward pressure still exists, and the current trend can be interpreted as part of the trend transition.

Bitcoin recently seems to be taking a breather in major resistance zones. On-chain data have shown signals that the price is stabilizing as the profit realization by long-term holders and the demand from new entrants are balancing. Investors are keeping price adjustments in mind for the time being, but are noting that the mid-to-long-term upward trend remains unchanged.