Bitcoin to the Moon? BTC Price on Track for an Optimistic Daily Close
The price of $BTC rose 1.85% to the price range of $111,000 after previously reaching a low of $110,201.55 in the market. The price increase suggests that the benchmark cryptocurrency may be on its way to a sustained optimistic rally.
Technical indicators for Bitcoin suggest room for growth.
Data from CoinMarketCap reveals that the price of Bitcoin previously hit an intraday peak of $111,900.59 while attempting to reclaim the price of $112,000. However, the price of BTC faced rejection as the trading volume failed to support the momentum to higher levels.
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So far, the volume has decreased by 7.15%, to $65.78 billion!! The asset is currently trading at $111,545.67, representing an increase of 0.21% in the last 24 hours. The ecosystem remains optimistic as key technical levels hold firm, despite mixed signals in price and volume.
Notably, Bitcoin's Relative Strength Index (RSI), oscillating around 62 on the hourly chart, signals a more optimistic tone. This implies that the currency is not oversold and has room for price growth in the current recovery movement.
Long-term investors are likely to continue accumulating the asset at this price as they anticipate new highs. If Bitcoin can rise and break the resistance at $113,850, it could trigger a surge; otherwise, it risks dropping to a low of $107,000.
Analysts and advocates remain optimistic about the future of Bitcoin.
Despite the volatility of Bitcoin prices, Michael Saylor, a vocal advocate for Bitcoin and president of Strategy, remains optimistic about the currency. In a recent comment, after BTC recovered $111,000, Saylor advocated for a Bitcoin-based future. He encouraged investors to always "think digitally."
