Bitcoin: the $100K is still the target
Although it seems that the BTC slowed down its path toward the upside, still, charts seem more like a short pause before the next final milestone is reached for this year. Previous week was a little bit bumpy for BTC, as the coin modestly reverted toward the downside, reaching the lowest weekly level at $91.115. The support line at 90K has not been clearly tested. This level was also a point where dip-buying orders strongly emerged, bringing the coin back toward the level of $98,6K. Such moves show that there is still potential for BTC and its higher grounds, while short term reversals need to occur eventually.
The RSI continues to move within the highly overbought territory, and will most probably continue its path for some time, until the market exhausts completely the potential for the higher grounds. The moving average of 50 days still strongly diverges from MA200 counterpart, without any indication of a potential slowdown in the coming days.
At this point on charts, BTC is on a sort of a short cross-road. On one side there is a potential for another short reversal toward the downside, but it could be only a short one. On the opposite side, there is also a potential that the old ATH could be tested in the coming days, at the level of 99K. Whether this will be a final breakthrough toward the actual 100K level is unclear at this moment, but the crypto futures market is quite positive about such a move.
The RSI continues to move within the highly overbought territory, and will most probably continue its path for some time, until the market exhausts completely the potential for the higher grounds. The moving average of 50 days still strongly diverges from MA200 counterpart, without any indication of a potential slowdown in the coming days.
At this point on charts, BTC is on a sort of a short cross-road. On one side there is a potential for another short reversal toward the downside, but it could be only a short one. On the opposite side, there is also a potential that the old ATH could be tested in the coming days, at the level of 99K. Whether this will be a final breakthrough toward the actual 100K level is unclear at this moment, but the crypto futures market is quite positive about such a move.
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