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4 signs the Bitcoin price rally could top out at $26K for now

Published 03/15/2023, 04:03 AM
Updated 03/15/2023, 05:40 AM
© Reuters.
BTC/USD
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BTC/USD
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Bitcoin (BTC) received a substantial boost this week as United States inflation levels for February were in line with market expectations. On March 14, the BTC/USD pair surged to a 2023 peak at $26,550 after the news.

But, while the macroeconomic conditions may currently favor risk-on buyers, certain on-chain and market indicators hint at a potential correction in the near term.

BTC flows back to exchanges as price rises

Bitcoin exchange netflow volume. Source: Glassnode

Bitcoin funding rates, RSI jump

Funding rate for Bitcoin perpetual contracts. Source: Coinglass

BTC vs. USD painting a bearish pattern

BTC/USD 4-hour price chart. Source: TradingView

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