As a seasoned crypto investor with a decade of experience under my belt, witnessing Bitcoin surpass the six-figure mark feels like a dream come true. However, I’ve learned from past experiences that when it comes to BTC, history has a knack for repeating itself in unexpected ways.
The historic milestone has been reached by Bitcoin, with its price now exceeding six figures for the first time. However, investors may ponder just how high the peak of the crypto crown will be scaled.
Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
Today’s graph indicates that Bitcoin surpassed the 100K barrier for the first time and is currently trending towards approximately $105K. Given the extremely favorable market conditions, it might even reach the $120K region in the near future.
Currently, the Relative Strength Index (RSI) has moved back into the overbought zone, and the 200-day moving average is lagging behind the current price, hovering around $70K. This suggests it might be reasonable to anticipate a potential correction in the near future, which could potentially offer a good buying opportunity.
The 4-Hour Chart
Over the past month, the four-hour graph plainly illustrates the Bitcoin’s price fluctuations. After breaching the resistance at $90K, the market exhibited a noticeable deceleration, yet it continued to climb, marking both higher peaks and troughs.
However, today’s breakout above $100K might lead to an aggressive continuation higher.
In my analysis, as the Relative Strength Index (RSI) moves into the overbought territory in this timeframe, it suggests that a potential pullback could occur imminently. This correction might push the price down towards the bullish trendline and the $96K mark before resuming its upward trajectory.
Sentiment Analysis
By Edris Derakhshi (TradingRage)
Funding Rates
From my perspective as a crypto investor, understanding the overall mood of the futures market is crucial for predicting Bitcoin’s short-term price fluctuations. This analysis could significantly enhance the accuracy of our investment predictions.
This graph shows the degree of activity between buyers and sellers when using leverage, with higher rates indicating more forceful execution of leveraged positions by one side.
Although the trend presently shows optimism with a positive value, it could potentially trigger a turnaround. Elevated funding rates often precede an abrupt decline due to a series of forced liquidations.
Over the last year, the collective funding rates for Bitcoin have reached their peak. This suggests that a price adjustment, or correction, might occur shortly. Furthermore, this correction could be followed by a phase of stabilization, where the Bitcoin futures market experiences a calming down.
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2024-12-05 16:22