With a historic price rally, the largest cryptocurrency in the world, Bitcoin price has achieved its prolonged price target of $100,000. Notably, this is a massive milestone for the crypto market and a stepping stone for the future of this cross-border financial system.
Considering the present market sentiments, will Bitcoin continue displaying its bullish price rally? Or will this crypto token experience a major price correction with increased profit booking this month? Let’s find out the possible short-term Bitcoin (BTC) price analysis now!
The BTC price has added 7.83% to its valuation in 24 hours with a trading volume of $114.027 billion, a change of +63.85%. Moreover, it has surged ~50% in the last 30 days and is currently valued at $2.031 billion.
The Relative Strength Index (RSI) has breached the overbought range in the daily time frame. Moreover, with the average trendline experiencing a bullish crossover, the Bitcoin price may continue gaining value this week.
On the other hand, the EMA 50/200-day displays a significant rise in the BTC price chart, suggesting an increase in the buying-over-selling pressure for the largest crypto token in the market.
If the bullish sentiment sustains, the Bitcoin price may surpass the $104,000 mark. Maintaining the price above that level could push the price toward its upper high of $105,000.
On the flip side, if the profit-booking increases, the BTC crypto may experience a pullback toward its $100k range. Further, if the bears outrun the bulls, this could result in the price plunging below the $100,000 mark.
What’s next for BTC price as it achieves the $100k mark? Read CoinPedia’s Bitcoin Price Prediction. Also, subscribe to stay updated on the latest cryptocurrency news first!
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