Bitcoin Weekly RSI Entering Power Zone – Last Time BTC Soared 80%
12 Novembre 2024 - 8:30PM
NEWSBTC
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 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. 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?
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. 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 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
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