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

Bitcoin Price Poised for ‘Imminent’ Breakout As Network Hashrate Hits Record Highs
Bitcoin Price Poised for "Imminent" Breakout As Network Hashrate Hits Record HighsThe price of bitcoin could see an ‘imminent’ breakout, according to the latest Glassnod
CFTC Makes Its Fintech, Blockchain Research Lab a Full-Fledged Office
The U.S. Commodity Futures Trading Commission (CFTC) is upgrading its financial technology research wing, LabCFTC. The derivatives regulator announced Thursday during its annual Fin
AAVE Dominates DeFi Lending – Metrics Reveal 45% Market Share
Este artículo también está disponible en español. Aave (AAVE), the leading decentralized finance (DeFi) lending protocol, has captured the spotlight with an extraordinary
Report Claims U.S. Prosecutors Investigate Hedge Funds in Connection with Binance Dealings 
Report Claims U.S. Prosecutors Investigate Hedge Funds in Connection with Binance Dealings  Federal prosecutors are reportedly investigating U.S.-based hedge funds that have dealt
The next SEC chair must be named before US election — Tyler Winklevoss
Ciaran Lyons4 hours agoThe next SEC chair must be named before US election — Tyler WinklevossGemini co-founder Tyler Winklevoss argues that the cryptocurrency industry should not "tolerate any possibility of a rep
Marcel Pechman5 hours agoWhat a US government shutdown would do to BitcoinMarcel Pechman explains the myth of excess cash in U.S. households and the lack of sufficient savings, and how a U.S. government shutdown could im
‘World War III Has Begun,’ Says Gerald Celente; Plus, Long-Term BTC Predictions and Scorching US Inflation — Bitcoin.com News Week in Review
"World War III Has Begun," Says Gerald Celente; Plus, Long-Term BTC Predictions and Scorching US Inflation — Bitcoin.com News Week in Review Trend forecaster Gerald Celente told
Goldman Sachs, Capula, Avenir were biggest BTC ETF buyers in Q2 — CoinShares
Alex O’Donnell6 hours agoGoldman Sachs, Capula, Avenir were biggest BTC ETF buyers in Q2 — CoinSharesThe companies collectively purchased nearly $1.3 billion worth of Bitcoin ETF shares during the quarter.374 Total v
Risk of ‘Significant Drawdowns’ Pushes Cypherpunk Holdings to Sell Entire Stash of Bitcoin and Ethereum
Risk of "Significant Drawdowns" Pushes Cypherpunk Holdings to Sell Entire Stash of Bitcoin and Ethereum On Tuesday, the Canada-based investment firm Cypherpunk Holdings Inc. announ
Mt. Gox creditors report multiple ‘brute-force’ attempts on their accounts
Brayden Lindrea5 hours agoMt. Gox creditors report multiple ‘brute-force’ attempts on their accountsMt. Gox’s claims website is currently down for maintenance, while Mt. Gox creditors are still looking for an expla
Alabama Securities Regulator Shuts Down 97 Fraudulent Cryptocurrency Trading Websites
Alabama Securities Regulator Shuts Down 97 Fraudulent Cryptocurrency Trading Websites The securities regulator of the U.S. state of Alabama has issued a cease and desist order agai
As DOGE, SHIB Markets Fall Back, Baby Doge Coin and Dogelon Mars Prices Skyrocket
As DOGE, SHIB Markets Fall Back, Baby Doge Coin and Dogelon Mars Prices Skyrocket Following shiba inu’s 260% gains during the last 30 days, the third-largest meme-based cryp