As Bitcoin (BTC) hovers close to $100,000, momentum indicators recommend the asset will possible see additional upside past this much-anticipated stage.
On this case, a key indicator to look at is the Relative Power Index (RSI), which, at round 82, means that Bitcoin is within the overbought zone.
Nevertheless, the RSI stays under the acute highs noticed throughout Barchart’s over the past two years, as highlighted by Barchart’s evaluation on November 23.
Though there are fears of retracing, the present RSI studying means that Bitcoin will doubtlessly see extra capital influx earlier than any notable corrections.
Bitcoin whales on a shopping for spree
Already, on-chain metrics level to Bitcoin experiencing unprecedented shopping for strain, fueled by vital capital inflows from whales, suggesting sturdy confidence within the asset’s momentum.
Particularly, knowledge shared by analyst Ali Martinez on November 23 famous that in 96 hours alone, whales had accrued 40,000 BTC, valued at roughly $3.96 billion. This indicators sturdy confidence in Bitcoin’s upward momentum.
This surge in shopping for strain has been significantly notable throughout main buying and selling platforms reminiscent of Binance, OKX, HTX, and Bybit, the place the exercise has reached new highs.
Bitcoin worth evaluation
After hitting a document excessive of over $99,000, Bitcoin has entered a consolidation zone above $98,000. At press time, Bitcoin was buying and selling at $98,648, up 0.75% within the final 24 hours. On the weekly chart, BTC has gained practically 9%.
With technical indicators and on-chain knowledge supporting a doable push to $100,000, consideration is targeted on Bitcoin reclaiming the $99,000 valuation. Nevertheless, as Bitcoin consolidates, there may be an elevated danger of retracement to the $95,000 stage, which might result in additional losses.
Featured picture by way of Shutterstock
