Bitcoin's price has broken its previous all-time high of $74,000 and is now trading near its 200-day moving average. This suggests that BTC could continue to rise in the short term, with a possible target of $80,000. However, the RSI indicates that the market is overbought and a short-term correction may occur. As long as BTC remains above the 200-day moving average, the overall trend remains bullish. Looking at the 4-hour chart, the price rebounded from $68,000 and broke out to create a new all-time high. The RSI also indicates an overbought signal in this timeframe, suggesting a potential pullback to $74,000 before further upward movement. Analysis of the futures market sentiment shows that the BTC funding rates have been positive, indicating bullish sentiment. However, the funding rate values are still lower than during the previous record high, suggesting that the futures market is not overheating and Bitcoin could rise further in the future.
- Content Editor ( cryptopotato.com )
- 2024-11-08
Bitcoin Price Analysis: BTC Bulls Eye $80K Following 8% Weekly Surge