Bitcoin Remains Above $65,000 After Hitting New Record High

"Bitcoin has updated its all-time high at $67,000, after which it has started to experience corrective pressure. At the moment, the coin has added 2% over the past day and is trading at around $65,000.

The benchmark crypto dominance index has stopped growing, as the demand for BTC has triggered a strong boost in the demand for altcoins, as a result of which the demand for digital assets has spread across the market in a fairly uniform manner. Just over the last 24 hours, the total capitalization of the cryptocurrency market has grown by more than $100 billion, reaching $2.63 trillion. The capitalization of Bitcoin amounts to $1.2 trillion.

The rather dangerous development of the situation is reflected in the RSI index, which has started to fall from the overbought area, standing at the moment at around 74 points. Meanwhile, the greed and fear index for Bitcoin and the largest cryptos is in the 'extreme greed' area around 84 points. In this case, the indicator shows the rally might not have reached its climax yet.

Bitcoin may now go through some critical times in the near future, however, the fundamental factor continues to support the crypto market. On its first day of trading, the ProShares Bitcoin ETF proved to be very successful and, in terms of volume, approached $1 billion. If the positive dynamics continue and cryptocurrency market participants see continued growth in demand, we may see another buying spurt, which, however, could soon be replaced by a wave of profit-taking."