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Overbought: Will Bitcoin’s rally above $60,000 entail this ‘pause’
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ambcrypto.comNow that the apex cryptocurrency, Bitcoin, surpassed the much resisted $60,000 mark on the back of a BTC ETF approval, an atmosphere of bullishness has returned to the market. Even as the asset is now eyeing a fresh all-time- high, threats of a pullback remain afloat within investor circles.
Hedge fund manager Mark Yusko recently expressed his skepticism regarding the sustainability of the current price rally. While he believes that the sharp price action will result in many investors indulging in profit-taking activities, he “also wouldn’t be surprised of a little consolidation.”
This is because the coin has rallied almost 40% in the past couple of weeks, which could indicate that it is “overbought.” He said,
“We’ve been bullish on
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