Bitcoin is so overbought, it is almost beyond words. Almost...

With slight price volatility late last week, BITCOIN (BTC) punched through its 69000 price resistance, rallying further into 'no mans land' trading ranges. A place that a price range, for this speculative asset, has never been visited.  As stock indexes break record levels in this superbid market in light of the Federal Reserve possibly cutting rates at the middle or end of 2024 (despite embedded inflation), most indexes have fallen back into their trading ranges.  For these Three reasons: 1. Profit taking.  2. U.S. Dollar bids. 3. Higher oil price.  Yet, BTC keeps on going which is a no brainer why, and has nothing to do with the end of fiat currency, paleolibertarians and their 'free' market theory, the end of Banks or Central Banks by this digital manifestation, that is 'mined' with from a plethora of servers, with no intrinsic value, all the while leaving a carbon footprint from hell.   It has everything to do with Banks, Central Banks and U.S. dominated Crypto ETF (Exchange Traded Funds), which the mega fund Blackrock setting this off with over $4 Billion worth of liquidity  via the BTC ETF markets, which in turn is directly providing liquidity to BTC trades.  

The above chart, BTC futures explains it all,  BITCOIN is now trading above its all time high at 64000 (Nov 2021) after Musk's tedium and the pandemic stimulus dried up, and this thing crashed in November 2022 down to 16000.

What could go wrong?