As Bitcoin (BTC) hovers close to $100,000, momentum indicators counsel the asset will seemingly see additional upside past this much-anticipated stage.
On this case, a key indicator to look at is the Relative Energy 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 probably 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 stress, fueled by important capital inflows from whales, suggesting robust confidence within the asset’s momentum.
Particularly, information shared by analyst Ali Martinez on November 23 famous that in 96 hours alone, whales had amassed 40,000 BTC, valued at roughly $3.96 billion. This alerts robust confidence in Bitcoin’s upward momentum.
This surge in shopping for stress has been notably notable throughout main buying and selling platforms resembling Binance, OKX, HTX, and Bybit, the place the exercise has reached new highs.
Bitcoin value 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 information 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 may result in additional losses.
Featured picture through Shutterstock
