As of the time of writing, the price of Bitcoin stands at $34,697, showing strong upward potential. It hovers around the mid-range of the yearly low of $35,184.
The leading cryptocurrency has doubled in value since closing at $16,542 on December 31st, surpassing the critical 61.8% Fibonacci level at $28,067. It has also broken through the 78.6% Fibonacci level at $31,197, indicating a robust bullish momentum.
Increasing buying pressure could push Bitcoin's price further north, with a psychological target of $35,000 within sight. In such a scenario, the most reasonable target would be the $35,184 level at the beginning of the Fibonacci chart.
The Relative Strength Index (RSI) pointing upwards indicates that momentum is still on the rise. This is corroborated by the Awesome Oscillator (AO), with its histogram bars also trending positively. However, a price correction might still occur for Bitcoin if profit-taking activities begin. In such a case, BTC may find support at $31,197 or more likely at $28,067. In the most severe case, a decline could potentially propel the cryptocurrency down to $25,869.
Please let me know if you need any further details or specific information included.
The leading cryptocurrency has doubled in value since closing at $16,542 on December 31st, surpassing the critical 61.8% Fibonacci level at $28,067. It has also broken through the 78.6% Fibonacci level at $31,197, indicating a robust bullish momentum.
Increasing buying pressure could push Bitcoin's price further north, with a psychological target of $35,000 within sight. In such a scenario, the most reasonable target would be the $35,184 level at the beginning of the Fibonacci chart.
The Relative Strength Index (RSI) pointing upwards indicates that momentum is still on the rise. This is corroborated by the Awesome Oscillator (AO), with its histogram bars also trending positively. However, a price correction might still occur for Bitcoin if profit-taking activities begin. In such a case, BTC may find support at $31,197 or more likely at $28,067. In the most severe case, a decline could potentially propel the cryptocurrency down to $25,869.
Please let me know if you need any further details or specific information included.
