The current price of Bitcoin is close to $100,000. According to technical analysis:
Support Levels: There is strong support at $93,000 and $85,000.
Resistance Levels: Key resistance levels are at $105,000 and $110,000.
RSI (Relative Strength Index): RSI is above 70, indicating an overbought condition.
MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, indicating a bullish trend.
Volume: Recent price surges have been accompanied by increased volume, which supports the strength of the trend.
Recent Fundamental News:
1. El Salvador: Under pressure from the IMF, El Salvador is scaling back its Bitcoin policy to secure a $1.3 billion loan.
2. Institutional Investment: Activist investor Starboard Value has acquired a significant stake in the Bitcoin mining company Riot Platforms.
3. Market Dynamics: Bitcoin's price is rising due to its limited supply, and institutional adoption is increasing.
All these factors collectively support the current bullish trend in Bitcoin. However, considering the overbought RSI and key resistance levels, there is also a possibility of a short-term correction.
