Bitcoin is entering a bullish phase according to CryptoQuant’s analysis, with extreme conditions associated with speculative bubbles or severe crashes having faded. Bitcoin was trading at $78,240.79 at press time, up 2.5% in the past 24 hours. JPMorgan noted that institutional investors are more defensively positioned toward Bitcoin than gold, and heavy put-option activity on Bitcoin ETFs indicates downside protection. The RSI remains in overbought territory and Bollinger Bands are widening, signaling high volatility and a risk of bears pulling back bulls. The potential unwinding of hedges and short covering could generate a market impact estimated at $1 trillion.
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