$BTC Bitcoin continues to shine, currently trading above $103,000, marking a 6.24% increase in the last 24 hours.
🔸 Overall Trend
Strongly Bullish: Bitcoin has broken a key resistance at $100,000, reinforcing the current bullish momentum.
Moving Averages: Show a bullish crossover, supporting the continuation of the positive trend.
🔸 Momentum Indicators
Relative Strength Index (RSI): Approaching the overbought territory, which may indicate a potential short-term correction.
MACD Indicator: Displays a bullish crossover, reinforcing positive expectations.
🔸 Support and Resistance Levels
Key Support: $100,000. Breaking this level could lead to a pullback towards $92,000.
Next Resistance: $107,000. Surpassing this level could push the price towards $120,000.
🔸 Influencing Factors
ETF Fund Flows: Bitcoin funds have seen positive inflows, indicating increased institutional interest.
Market Sentiment: The fear and greed index indicates 'greed', reflecting investor confidence in the market.
📌 Summary: Bitcoin shows notable strength with the break of key resistance levels and an increase in bullish momentum. However, investors are advised to be cautious of potential short-term corrections due to overbought indicators.
#BTC #TradeOfTheWeek #BTCBackto100K
