Price Of Bitcoin Hits Higher Levels But It Is Reaching “Overbought” Zone

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The trading price of Bitcoin (BTC) has been surging for the past couple of weeks. The value of the asset has continued surging and is constantly getting pushed higher.

The technical indicators show that the price of the asset is constantly rising. The analysts are now speculating that the price of the asset has risen so much it may have entered the “overbought” zone.

It is not a good indication for the investors that the price of the asset has entered a particular zone.

Performance of Bitcoin

The data shows that the trading price of Bitcoin has recorded a significant surge in the past week. The value of the asset has surged by 22% in the particular period.

Due to the recent surge, the trading price of the asset has been propelled to the highest level for the year 2023. The value of Bitcoin successfully propelled to a high of $21,356.

It was last Wednesday when the trading price of Bitcoin managed to hit a higher level.

BTC Pushed Above Key Indicators

The data shows that the value of the asset has been pushed over the key technical indicators in the recent trading sessions.

It is the technical indicators that give a better idea about the performance of the asset in the near future. They confirm that the BTC price has risen over multiple levels and it is now experiencing an uptrend.

However, Bitcoin may have entered an overbought zone that will be answered by the bears. This means that with the price of the asset growing stronger, fear is rising among investors.

They fear that other investors may start selling BTC on a large scale. This may trigger a large group of investors to sell BTC on a very large scale, pulling the trading price of the asset on a large scale.

The value of the asset may get plunged and this may continue happening until the bulls regain their lost power and strength.

Although the fear of BTC entering the overbought is rising, there is one positive factor coming the asset’s way. Due to the recent rallies, Bitcoin has formed a new bottom.

This is a level where the bulls will come in with all their force to push BTC’s price higher in case the bears manage to bring it to that level.

If the bulls push from a particular level, they will be able to push BTC’s price much higher than the current high level.

If the trend continues, then the uptrend will continue increasing the trading price of the asset in the upcoming days.

Significance of 200-day SMA

According to the analysts, the 200-day SMA works as the litmus test for any asset. If an asset manages to move past a particular level, then it means that the value of the asset is moving in the right direction.

It also indicates that the value of the asset would continue surging to higher levels. If the bulls sustain the pressure coming from the bears and BTC’s price keeps on rising, then it would launch a macro market trend.

The long-term 200-week MA for BTC currently stands at $24,566. If the bulls somehow manage to push BTC to that level and then sustain it, the asset’s price would get pushed to even higher levels.

For now, the short-term outlook for Bitcoin is bullish so investors have very high hopes for the asset. If things keep working out in their favor, then the price of the asset would be pushed much higher than its current level.

Bitcoin to Hit $24,000

For now, the investors are waiting for the right time to push with a stronger rally. They want to make sure that more investors will come to their aid in case they start fighting the bears.

If that does go in favor of the bulls, then BTC will move past the $22,000 barrier. Going forward, the resilience of the investors will be able to push BTC to a high of $24,000.


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