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Following
BTC Bitcoin held steady at US$77,000 support and its target looked towards US$80,000, but the RSI issued an overbought signal
Bitcoin continued to trade above key support levels, maintaining a bullish trend, despite early signs that a short-term correction may occur. Current price movements are closely watched by traders who are seeking to confirm continued upward momentum or signals of potential corrections.
Bitcoin sticks to key price
As of writing, Bitcoin's trading price was US$77,068, down slightly 0.20% in the past 24 hours. The daily trading volume of the cryptocurrency reaches US$60.74 billion and its market value is close to US$1.55 trillion.
Technical indicators continue to show Bitcoin's strength. Ted, a well-known cryptocurrency analyst, pointed out that Bitcoin's daily MACD indicator shows that buying momentum is increasing, but he also warned that this does not guarantee that the market will rise further.
Analyst Ted emphasized the importance of strong buying in the US$74,000 to US$75,000 range and believed that if Bitcoin experienced a short-term correction after its recent gains, this range could become a key support level.
As long as prices remain above this level, buyers are likely to defend the breakout; a break below this range could trigger a larger correction. Currently, Bitcoin is still trading above this key support range, and the bullish pattern remains intact.
Technical indicators signal caution
Recent technical analysis shows that Bitcoin has soared above US$76,905.12 on the upper track of the Bollinger Band. The asset's latest trading price is close to US$77,222.93, significantly higher than US$66,733.60 on the mid-track and US$56,562.08 on the bottom-track.
When prices break through the upper trajectory of the Bollinger Band, it usually means increased momentum and asset prices may have moved away from their average. However, this trend may also be a warning sign that a reversal is imminent.
Bollinger Band Level:
Upper Rail: US$76,905.12
Middle Rail: US$66,733.60
Lower Rail: US$56,562.08
In addition, Bitcoin's Relative Strength Index (RSI) has soared to 80.35, well above its average of 58.84. An RSI above 70 is generally considered overbought, indicating that the market may be at risk of profit-taking or correction.
An overbought condition does not automatically mean a peak in the market, as continued buying and new capital inflows into the market may keep prices high for a longer period of time.
The main challenge facing Bitcoin is whether it can hold the US$75,000 area. Analysts have observed that strong inflows, especially from exchange-traded funds (ETFs), could push Bitcoin towards $80,000 or higher. If Bitcoin breaks past its previous high of $79,500, it may target resistance near $90,000.
However, if resistance is encountered near current prices and ETF demand slows, it may trigger market corrections. It is expected that the US$74,000 to US$75,000 region will be the primary support level and deserves close attention.
Long and short sides prepare for the next round of game
The next stage of Bitcoin's trend will depend on the continued game between bulls and bears. Long investors are trying to leverage institutional interest to drive the market higher, while short traders are closely watching for signs of market weakness.
If institutional buying remains strong, Bitcoin is expected to challenge new highs; but once support around $75,000 falls, the market could usher in a deeper correction as cautious investors reassess the outlook.
Current market activity in Bitcoin heralds a critical period, with both long and short sides closely monitoring price movements and technical signals for clues to the next round of major trends.
