Since the start of the pandemic panic of March 2020, the TOTAL index, which takes into account all cryptocurrencies, has grown by almost 1000%.
Pay attention to the growth dynamics relative to the lines of the ascending channel. Starting from April to December, the index has increased at a stable moderate rate, being in the middle zone. But then the "explosion" followed, and the growth accelerated. The index moved to the upper zone, and then completely "went off the scale" above the upper line, entering an overbought state.
The fact that the market is overheated is also indicated by the Google Trends chart. The world is experiencing the similar interest in the growth of Bitcoins, which was last seen in December 2017 (7). People see that BTC has twice surpassed the memorable peak of $20,000 and potentially experienced the characteristic FOMO (fear of missing out) effect inherent in their nature. This effect has been known for a long time, in particular, it is described in the book “Madness of Crowds” by Charles Mackay (1841).