Bitcoin experienced an explosive surge yesterday, with bulls driving the price to a new all-time high (gain) at $89,980. This relentless uptrend highlights growing optimism among investors as Bitcoin continues to break new ground.
Renowned trader and analyst Cheds recently shared a compelling technical insight, noting that Bitcoin’s weekly Relative Strength Index (RSI) is nearing the “overbought” zone—historically a very bullish signal for BTC. Entering this zone could indicate heightened demand and momentum, suggesting further upside potential for Bitcoin in the near term.
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The coming days will be critical as investors anticipate a possible pullback to enter fresh positions at lower levels. However, the current price action remains bullish, showing few signs of weakness.
If the price holds, it could fuel even greater buying interest, extending Bitcoin’s upward momentum. Cheds’ analysis underscores the strong technical setup for BTC, with RSI nearing a point that could attract more bullish attention. Investors will be watching closely, as any sustained movement in this high momentum phase may set the stage for Bitcoin’s next big leg up.
Bitcoin Showing Strength
Bitcoin has surged by over 32% in less than a week, with rapid, aggressive moves to new highs reflecting strong market sentiment. Such euphoria often precedes a correction, yet recent data indicates Bitcoin could sustain this upward momentum.
Top trader and analyst Cheds recently shared a technical analysis on X, highlighting that Bitcoin’s weekly Relative Strength Index (RSI) is nearing the “power zone,” known as the overbought territory. Historically, this zone has signaled powerful bullish phases for BTC. The last time Bitcoin’s RSI reached similar levels, the price rallied from around $40,000 to $70,000, suggesting another substantial surge might be on the horizon.
As Bitcoin enters this new bullish phase, a continuation of the uptrend seems likely, but it may not be a straightforward climb. Even in strong bull markets, BTC typically requires periodic pullbacks to consolidate and gather strength for further gains.
A healthy retrace would provide necessary support levels and allow BTC to “refuel” before another upward push. This retracement is particularly important in avoiding…
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