Fun

Bitcoin Weekly RSI Entering Power Zone – Last Time BTC Soared 80%

News Feed - 2024-11-13 04:11:56

Este artículo también está disponible en español.


Bitcoin experienced an explosive surge yesterday, with bulls driving the price to a new all-time high (gain) at $89,980. This relentless uptrend highlights growing optimism among investors as Bitcoin continues to break new ground. 


Renowned trader and analyst Cheds recently shared a compelling technical insight, noting that Bitcoin’s weekly Relative Strength Index (RSI) is nearing the “overbought” zone—historically a very bullish signal for BTC. Entering this zone could indicate heightened demand and momentum, suggesting further upside potential for Bitcoin in the near term. Related Reading Ethereum Weekly Volume Hits $60 Billion As ETH Aims For Yearly Highs 1 day ago


The coming days will be critical as investors anticipate a possible pullback to enter fresh positions at lower levels. However, the current price action remains bullish, showing few signs of weakness. 


If the price holds, it could fuel even greater buying interest, extending Bitcoin’s upward momentum. Cheds’ analysis underscores the strong technical setup for BTC, with RSI nearing a point that could attract more bullish attention. Investors will be watching closely, as any sustained movement in this high momentum phase may set the stage for Bitcoin’s next big leg up. Bitcoin Showing Strength 


Bitcoin has surged by over 32% in less than a week, with rapid, aggressive moves to new highs reflecting strong market sentiment. Such euphoria often precedes a correction, yet recent data indicates Bitcoin could sustain this upward momentum. 


Top trader and analyst Cheds recently shared a technical analysis on X, highlighting that Bitcoin’s weekly Relative Strength Index (RSI) is nearing the “power zone,” known as the overbought territory. Historically, this zone has signaled powerful bullish phases for BTC. The last time Bitcoin’s RSI reached similar levels, the price rallied from around $40,000 to $70,000, suggesting another substantial surge might be on the horizon. Bitcoin RSI on weekly entering overbought zone | Source: Cheds on X


As Bitcoin enters this new bullish phase, a continuation of the uptrend seems likely, but it may not be a straightforward climb. Even in strong bull markets, BTC typically requires periodic pullbacks to consolidate and gather strength for further gains.


A healthy retrace would provide necessary support levels and allow BTC to “refuel” before another upward push. This retracement is particularly important in avoiding overstretched conditions that could lead to a more severe correction. Related Reading Ethereum Analyst Sees Altseason Potential As BTS Is Still Outpacing ETH – Time To Buy Altcoins? 4 days ago


While the current bullish momentum points toward higher levels, traders should anticipate some fluctuations, which are part of a sustainable uptrend. Bitcoin’s ability to hold key support levels during any potential pullback will be crucial for maintaining the overall bullish structure. Bullish Price Action: Key Levels To Watch


Bitcoin is trading at $88,000 following two days of unexpected price appreciation, defying analysts’ expectations of a pause around $77,000 and a possible pullback to the previous all-time high of $73,800.


Instead, Bitcoin’s price has continued its upward momentum, bringing it closer to the significant psychological level of $90,000. Many investors consider this level a key supply zone where profit-taking could emerge. BTC breaks ATH and tags $89,980 | Source: BTCUSDT chart on TradingView


Despite the rapid climb, market sentiment remains highly bullish, and the price structure suggests that Bitcoin is still targeting the much-anticipated $100,000 milestone. The current price action reflects a strong bullish trend, but a retracement toward the $77,000 level could be a healthy move, allowing BTC to establish a robust demand base. Such a pullback would offer a consolidation phase, which is typical before another major leg-up in a sustained rally. Related Reading Avalanche Nears Breakout – Top Analyst Sets $420 Target For AVAX This Cycle 2 days ago


In the meantime, Bitcoin’s steady price action above recent highs is boosting investor confidence and keeping the overall outlook bullish, as BTC appears well-positioned for further gains.


Featured image from Dall-E, chart from TradingView

News Feed

PEPE Powers Up: Successful Retest Of Breakout Zone Sets Stage For Next Leg Higher
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
IRS Modifies Crypto Question on Tax Form — Now Focusing on Taxable Cryptocurrency Transactions
IRS Modifies Crypto Question on Tax Form — Now Focusing on Taxable Cryptocurrency Transactions The U.S. Internal Revenue Service (IRS) has modified the crypto
Was the ETH price flash crash to $3,180 triggered by excessive leverage?
Marcel Pechman5 hours agoWas the ETH price flash crash to $3,180 triggered by excessive leverage?Demand for Ether leverage sharply increased in the past 24 hours, but data does not point to liquidations being the main dr
Savannah Fortis13 hours agoCrypto miner Hive expands data center operations in SwedenHive Digital Technologies has acquired land and a data center to expand its operations in Sweden, house the incoming generation of ASIC
US Lawmaker Claims Stimulus Bill Bolsters Fed Secrecy, Pork Funds, and Wall Street Bailouts
US Lawmaker Claims Stimulus Bill Bolsters Fed Secrecy, Pork Funds, and Wall Street Bailouts On Friday, U.S. bureaucrats passed the 2020 stimulus bill, which has become the larges
Coca-Cola Supply Chain Firm Expands Blockchain Effort to 70 Partners
The IT firm behind Coca-Cola’s bottle manufacturing supply chain processes looks to be getting a taste for blockchain technology. Coke One North America (CONA) says its pilot proj
Ana Paula Pereira5 hours agoBinance’s CZ warns crypto community about emerging scamThe scheme consists of mirroring addresses and sending dust transactions to users to trick them into sending funds to the scammer’s w
Digital Real Will Be Used by Banks in Brazil as Collateral to Issue Their Own Stablecoins
Digital Real Will Be Used by Banks in Brazil as Collateral to Issue Their Own Stablecoins The Brazilian central bank digital currency (CBDC), the digital real, will be more of a wh
Over $700 Million In XRP Moved In April, What Are Crypto Whales Up To?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
ParaSwap evades hack targeting Augustus v6 contract vulnerability
Arijit Sarkar34 minutes agoParaSwap evades hack targeting Augustus v6 contract vulnerabilityParaSwap paused the V6 API soon after discovering the vulnerability and secured the potential victims’ funds through a white h
Yashu Gola11 hours agoWhy is Dogecoin price down today?Dogecoin price is down today as the effect of Elon Musk"s DOGE rally fades away and the price of Bitcoin slips below $30,000.3818 Total views42 Total sharesListen to
First Bitcoin Cash Developers Meeting of 2020 to Be Held Today
First Bitcoin Cash Developers Meeting of 2020 to Be Held Today Developers from Bitcoin ABC, Bitcoin Unlimited, BCHD, Bitcoin Verde and other teams, are meeting today to continue