The article discusses Bitcoin's recent explosive surge in price, reaching a new all-time high of $89,980. The author highlights growing optimism among investors and notes that Bitcoin's weekly Relative Strength Index (RSI) is nearing the "overbought" zone, historically a bullish signal. While a possible pullback is anticipated, the current price action remains bullish with potential for further upside. The article emphasizes the importance of holding key support levels during any retracement and suggests that a retrace would provide necessary support levels before another upward push. Despite analysts' expectations of a pause, Bitcoin's upward momentum has defied predictions and the price is now approaching the key level of $90,000. Market sentiment remains highly bullish, and the milestone of $100,000 is still a target. Overall, Bitcoin appears well-positioned for further gains.
- Content Editor ( newsbtc.com )
- 2024-11-12
Bitcoin Weekly RSI Entering Power Zone – Last Time BTC Soared 80%