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According to a recent COINOTAG News report dated May 26, Lookonchain has provided key insights into Bitcoin’s market dynamics, emphasizing that it is on a slight upward trajectory rather than having peaked. The Bitcoin Rainbow Chart suggests a price increase, projecting the potential for BTC to exceed $200,000 in this cycle. Moreover, the Relative Strength Index (RSI) is currently at 71.35, indicating that while Bitcoin is in overbought territory, historical trends suggest that the asset has not yet reached its maximum. The 200-Week Moving Average Heatmap highlights that BTC’s price is still below critical thresholds, reinforcing the notion that now may be an opportune time for investors to consider buying or holding. Additionally, the 2-Year Moving Average Multiplier analysis confirms that Bitcoin remains mid-range between significant market indicators, indicating further potential for price appreciation.
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