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Bitcoin has finally broken through the $100,000 barrier, with a current value of $103,197. This milestone has sparked celebrations among BTC holders, but the question remains:
Indicators Suggest Bullish Momentum
- Moving average: Well under the price candles, indicating bullish momentum
- Chaikin Money Flow: Positive reading, suggesting bullish momentum
- RSI: Above 70, indicating a possibly overbought market
Can Bitcoin Hold Steady Above $100,000?
While profit-taking is expected after the push above $100,000, Bitcoin's metrics currently suggest otherwise. The exchange reserves have fallen, indicating a lack of selling pressure. Additionally, the total Bitcoin futures Open Interest has soared to $64.70 billion, and the ratio of Bitcoin longs vs. shorts remains bullish.
Outlook:
Bitcoin's rally above $100,000 is a significant milestone, but sustaining demand above this level will be crucial. While indicators suggest bullish momentum, the RSI's overbought reading could signal an incoming price correction 1 reply
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