The Bitcoin price edged up 1% in the last 24 hours to trade at $99,215 as of 02:42 a.m. EST on trading volume that surged 12% to $113.7 billion.
This comes after Bitcoin hit a new all-time high of $99,486, with technical indicators showing a possible continuation of the rally to cross the $100,000 mark.
Despite the rally, MicroStrategy Inc shares (MSTR) tumbled 15% to $397 after Citron Research said that it’s betting against the software company because it is overvalued.
Bitcoin Price To Sustain Its Current Upward Trend
The Bitcoin price has been on a sustained uptrend, with higher lows and higher highs resembling the climbing of a mountain. According to data from GeckoTerminal , the support levels around $60,000 and $70,000 have allowed the price of Bitcoin to trend within the rising channel pattern.
BTC now trades well above the 50-day and 200-day Simple Moving Averages (SMAs), supporting the bullish outlook of the price. The 50-day SMA crossed above the 200-day SMA around $65,000, forming a golden cross within this level, which further supports the bullish sentiment.
The Relative Strength Index (RSI) has also crossed above the 70-overbought region, currently at 71, which is an indication that the asset is currently under intense buying pressure.
Moreover, the Moving Average Convergence Divergence (MACD) confirms the bullish stance, as the blue MACD line has now crossed above the orange signal line, which shows a bullish crossover.
If the BTC price sustains this momentum, the bulls could propel the token even further, as they target the next possible resistance zone at $105,000.
BTCUSD Chart Analysis Source: GeckoTerminal
However, the RSI now shows that BTC is oversold and overextended, a signal of an incoming correction. In this scenario, the price of Bitcoin could plunge, with the 50-day and 200-day SMAs acting as the next possible support levels at $91,764 and $77,235, respectively.
