Bitcoin’s ($BTC ) Next Stop Is $94,000
Bitcoin shows successBitcoin is currently on a strong upward trajectory and the most recent breakout above important moving averages suggests that the $94,000 level might be the next target. Bitcoin has successfully broken through its 50 and 200 EMAs, igniting bullish momentum on the wider market. The digital asset is currently trading at $88,619 after a 1.27% daily gain.
This rally is especially noteworthy because there is not any substantial resistance between the current price and the next psychological and technical barrier, which is the $94,000 level. In these vacuum zones where price action has not yet created significant barriers, Bitcoin has a history of moving swiftly. This makes the perfect setting for price growth driven by momentum. A noticeable increase in trading volume supports this push.
The volume spike that accompanied the green candle’s break above $87,000 suggests that institutional and retail buyers are acting decisively. With the RSI currently at 60, it has entered bullish territory and has the potential to rise further without entering overbought conditions.
Technically the pivotal event was the move above the 200 EMA. The breach of that level that had served as a recalcitrant ceiling for more than a month indicates a change in market sentiment. Bullish traders are probably going to target $94,000 as the next take-profit level if Bitcoin can keep up this pace and close a few daily candles above $88,000.