Bitcoin To The Moon: Bitcoin $120k loading?

Bitcoin, the flagship cryptocurrency, continues to dominate the market. Bitcoin recently achieved an all-time high of $98,387.80. It has strong market momentum as it nears the psychological $100,000 mark.

This article dives into Bitcoin’s current market metrics, weekly trends, technical indicators, and the latest news.

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BTC Next Target

• Current Price: $96,845.95
• Market Cap: $1.92 trillion
• 24-Hour Trading Volume: $99.51 billion
• Circulating Supply: 19.76 million BTC
• Total Supply: 21 million BTC
• 24-Hour Price Change: +2.13%

Price has broken above $74K resistance (prior ATH), out of Channel Up pattern, and is approaching $100K where the price is likely to encounter significant resistance. We’d be buyers on pullbacks to $76K key level.

Weekly Price Analysis

• Weekly High: $98,477
• Weekly Low: $93,198
• Performance: Bitcoin has gained over 6% during the week.
• Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Strong Up.
• Momentum is Bullish ( MACD Line crossed above MACD Signal Line) ABOVE days ago. Price is Very Overbought currently, based on RSI-14 levels (RSI > 80).
• Support and Resistance: Nearest Support Zone is $67,000.00, then $64,400.00.

Key Indicators

• Relative Strength Index (RSI): Indicates overbought levels.
• Moving Averages: Bitcoin is trading well above its 50-day and 200-day moving averages.
• On-Balance Volume (OBV): Shows increased buying pressure.

News Roundup

1. Institutional Growth: U.S. Bitcoin ETFs now collectively manage over $100 billion.
2. Corporate Accumulation: Companies like MicroStrategy continue to expand their Bitcoin holdings.
3. Regulatory Developments: U.S. policymakers are considering establishing a strategic Bitcoin reserve.
4. Global Adoption: Bitcoin remains a key asset in countries like El Salvador, with ongoing discussions about integrating BTC into additional economies.

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