Bitcoin Moves Forward While Wall Street Stalls
While the US markets struggle to rebound, Bitcoin is regaining momentum and is rapidly approaching the symbolic $100,000 threshold. In a still unstable economic climate, investors seem to be betting on the king of cryptocurrencies, often perceived as highly speculative but sometimes used as a safe haven.
Towards a New All-Time High?
After a sharp correction of more than 30% between January and April, BTC seems to be regaining strength. Briefly falling below $80,000, it has since recrossed the 9- and 18-period moving averages, once again crossing $92,000.
Notably, this is the first time in several months that the price has held above these averages in a 3-day timeframe, without being immediately pushed back. If this breakout is validated, Bitcoin could target the next resistance level at $104,000, just a short distance from a new all-time high.
A favorable macroeconomic reversal could then propel BTC into a new bullish phase beyond its last ATH. Conversely, a rejection below $92,000 could send the price back below $80,000.
An encouraging technical signal
In terms of indicators, the RSI has just crossed a bearish trendline, which is a positive signal. Buyers seem to have regained control of the momentum, and such crossings are often accompanied by a surge in upward volatility.