Indicator Shows Bitcoin is “Overbought” as Average Investor Profit Hits 115%

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Bitcoin may be forming a mid-term top around its recent highs, with the multiple rejections posted at $13,800 not bearing too well for its short-term outlook The cryptocurrency remains caught within a potent uptrend, but this level is proving to be incredibly difficult for bulls to break If they continue failing to find any stability around this level despite the bullish monthly candle close, it could point to weakness amongst buyers One analytics firm is now noting that Bitcoin has been trading in “overbought” territory for a few days now They note that this comes as the average BTC buyer has a profit of 115% on their coins Bitcoin and the entire crypto market saw a sharp selloff overnight that came about rather unexpectedly. Previously, Bitcoin was stable as it traded above $13,800, with bulls attempting to build a strong base of support at this level while targeting a move…

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