Bitcoin reached a new all-time high of $124,450 but has since pulled back to around $121,670. Although some signs suggest the rally may have peaked, on-chain metrics indicate that Bitcoin might have further growth potential. Funding rates remain lower than previous peaks, and profit-taking among short-term investors is limited, indicating that the market isn’t overheated yet. Analyst Captain Faibik noted bearish signals, including a potential price top at $124,000, citing overbought conditions in the Relative Strength Index and a bearish divergence. However, these indicators don’t guarantee a trend reversal, and Bitcoin could continue its upward trajectory fueled by market optimism. It's essential for investors to conduct their research given the volatility in cryptocurrency markets.

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