Why Is Bitcoin Going Up? How High Can Bitcoin Go?
The post Why Is Bitcoin Going Up? How High Can Bitcoin Go? appeared first on Coinpedia Fintech News
Bitcoin has finally crossed $100,000. Adding 7% in the last three days and 4% today, BTC peaked at $104,630 before retracing back to $101,132. This gives the crypto community new hope that the bull cycle is still on.
Let’s analyse what is happening in the market and why is Bitcoin going up today.
Bitcoin Hit $100K
The $100k mark has been a very heavy psychological resistance for Bitcoin, which it passed this morning. As we talked about how new buying can support the price and raise it, we saw huge volume coming in to push the price up.
The Fear and Greed index was recorded at 84 this morning, displaying that the market still has potential for buying. The biggest crypto needs to cement the support as there is no moving average present in this area for assistance.
How High Can Bitcoin Go?
The RSI is currently at 76.41 showing bulls are charging, however it will soon enter the overbought zone and will have to cool off. On the other hand, ADX is at 17.57 which is considerably low but has started to rise. Bitcoin is experiencing heavy volume with a rise of 35% in the last 24 hours, most of which came in the last hour.BTC has reached at almost $100B in trading volume which pushes the marketcap of total crypto market to $3.69 trillion with a rise of 4.97%. Bitcoin dominance over the market is at 55.5% which is comparatively low.
There are many factors pumping the force into Bitcoin. According to experts, the most influential part is the pro crypto President, Donald Trump. Since the US election, the crypto market has gained huge momentum with Bitcoin and altcoins adding huge numbers to their prices. The community is feeling relaxed towards crypto as Trump is working to get pro crypto people into his administration.
Are you curious to know if the Bitcoin price will hit $120,000 this 2024? Read CoinPedia’s Bitcoin Price Prediction to explore the long-term possibilities! Moreover, subscribe to us for the latest crypto updates!
Will Bitcoin Crash? What Next?
With bitcoin above $100k, it is very clear that the alt market will soon follow. There is no single reason to why is Bitcoin going up today but its is a collective power of multiple factors. BTC is Expected to reach $120k soon, however rising RSI points towards a cool down. Also, the market tends to take advantage of such situations.
People are going in with huge confidence & greed which is a great time for the market to rekt them. Just in the last one hour, over $130 million worth of funds were liquidated, most of which came in from shorts. The market takes some steps back in order to retest the support and if it fails to do so, the price can plummet under panic. We might see huge inflows into the Bitcoin etfs as well but investors should exercise caution.
