Bitcoin

Bitcoin Surges Past $93,000 – Can A Breakthrough Unlock New Heights?

Published

6 hours ago

November 16, 2024

Este artículo también está disponible en español.

Bitcoin is on the move again, surging toward its previous high of $93,257 with renewed momentum that has triggered excitement among traders. After a period of consolidation, Bitcoin’s latest price action signals a potential breakout that could set the stage for even greater gains. As it inches closer to this critical resistance level, can the crypto giant break through and unlock new heights, or will the bears reclaim control? With the market’s eyes fixed on this pivotal moment, the next move could reshape BTC’s future.

This analysis aims to explore Bitcoin’s current surge toward the $93,257 resistance level and assess the likelihood of a breakout. By examining key technical indicators and market trends, it seeks to determine whether BTC can overcome this significant hurdle and reach new highs. Additionally, it will explore the possible impact of such a breakthrough on its price trajectory and the broader market sentiment.

Bitcoin’s Renewed Momentum Leading To $93,257

Bitcoin is currently maintaining a bullish stance, holding firmly above the 100-day SMA on the 4-hour chart, a strong indicator of continued upward momentum. The price now aims for its previous high of $93,257, having successfully avoided a drop below the $85,211 support. If this pressure continues, a break above $93,257 could create a path for new highs, while holding above the $85,211 support level signals strength in the ongoing rally.

An analysis of the 4-hour Relative Strength Index (RSI) shows a continued upside movement as the RSI climbs to 61% after dipping to 53%, signaling that the market is maintaining its bullish strength. Significantly, the sustained rise in the RSI suggests that the uptrend is gaining traction with the potential for more price increases as the buying pressure builds.

Additionally, the daily chart reveals that BTC is experiencing strong upbeat momentum, highlighted by the formation of bullish candlesticks. The asset’s position well above the key 100-day SMA further reinforces this positive trend. As BTC maintains its current trajectory, it bolsters market optimism, setting the stage for additional gains as it aims for the $93,257 target.

Lastly, the RSI on the daily chart is at 92%, indicating strong positive movement after recovering from a dip to 77% suggesting a shift in market sentiment with increased buying pressure. While the high RSI points to continued growth, prolonged overbought conditions may lead to a correction if buying activity begins to wane.

Key Resistance: Can Bitcoin Push Through?

Bitcoin is approaching a critical resistance level at $93,257, a price point that could determine the next phase of its bullish trajectory. If Bitcoin successfully surpasses $93,257, it could pave the way for new highs, indicating continued strength in the market.

However, if the resistance holds, Bitcoin could experience a pullback or consolidation, with the price retracing toward the $83,211 support level. A break below this support could indicate more declines, with the possibility of testing additional key support zones.

Featured image from iStock, chart from Tradingview.com

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Bitcoin

An Interview With El Salvador’s Top Crypto Regulator: ‘Developing Countries Can Lead the Financial Revolution’

Published

2 hours ago

November 17, 2024

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The National Commission of Digital Assets is the agency in charge of regulating crypto in El Salvador, the first nation to accept Bitcoin as legal tender.

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$100k

Buy As Much Bitcoin As You Can Before $100K

Published

21 hours ago

November 16, 2024

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Today, Fox Business’s Eleanor Terrett revealed that the Pennsylvania House of Representatives is introducing legislation that would effectively allow the state to hold Bitcoin on its balance sheet as a strategic reserve asset.

🚨SCOOP: Today the Pennsylvania House of Representatives introduced legislation that would enable the state to hold Bitcoin on its balance sheet as a reserve asset in a broader movement to recognize $BTC as a store of value.
Full write-up on @FoxBusiness coming shortly.
— Eleanor Terrett (@EleanorTerrett) November 14, 2024

The overton window has finally shifted this past week and now everyone is seemingly scrambling to adopt BTC as a reserve asset. From the looks of it, it feels like a snowball rolling down a hill, gaining more momentum and growing bigger as it travels.

Here’s how this could play out:

First, normal everyday people used bitcoin as a long-term savings vehicle
MicroStrategy became first publicly traded company to adopt it
El Salvador became first country to adopt it
Corporations launched spot ETFs
The US president elect is pledging to create a national BTC reserve
US states are introducing legislation to adopt a BTC reserve
Foreign nations are rumored to be buying bitcoin to front run the US

This list is only going to continue to grow. I suspect more states in the US, specifically the more conservative states, will follow Pennsylvania’s lead in the future in introducing the same or similar legislation. The benefits of adopting bitcoin have become impossible to ignore.

Remember, 94.20% of the total 21 million bitcoin supply has already been issued.

It is estimated that around 3-5 million of those coins has been lost forever
US spot Bitcoin ETF hold 1.07 million BTC
MicroStrategy holds 279,420 BTC
The US holds 208,109 BTC
Various other countries are in possession of large amounts of BTC
Tons of public and private companies are large amounts of BTC
? amounts of BTC owned by everyday people around the world

Many years ago I came to the conclusion that this level of bitcoin adoption was inevitable, but with all this momentum from large public institutions, I think we’re going to hit $100,000 bitcoin much sooner than I expected.

The supply of available bitcoin is shrinking each and every day, and coupled with rising demand, the price is up 130% in the last year. This is a runaway train, folks.

States, nations, and corporations are not going to stop accumulating BTC once they start buying either, so I am eagerly continuing accumulating as much bitcoin as I can before we hit that magic $100k number.

I think the floodgates will really open from there.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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Bitcoin

Bitcoin To $800K? Galaxy Digital CEO Unveils 5-10 Year Forecast

Published

22 hours ago

November 16, 2024

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They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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