The post Bitcoin (BTC) Price Eyes $100,000 After Breaking All-Time Highs appeared on BitcoinEthereumNews.com.

Bitcoin’s (BTC) price has surged by 21.70% over the past seven days, repeatedly reaching new all-time highs. Currently, BTC is roughly 10% below the $100,000 milestone, with the uptrend showing exceptional strength, as indicated by technical markers like the DMI and EMA lines. With market sentiment shifting into a phase of growing confidence but not yet reaching euphoria, there is still room for growth before potential corrections. However, while momentum remains positive, traders should stay cautious of possible retracements as Bitcoin moves toward this significant milestone. Bitcoin’s Current Uptrend Is Very Strong The BTC DMI chart highlights Bitcoin’s strong uptrend. The Average Directional Index (ADX) is currently at 48, signaling significant trend strength. The ADX is a tool that measures how strong a trend is—values above 25 suggest a strong trend and anything above 40 is considered very strong. A few days ago, the ADX was nearing 60, indicating that the uptrend was even more powerful then. BTC DMI. Source: TradingView The Directional Movement Index (+DI and -DI) further clarifies this trend’s direction. With +DI at 30.37, the data indicates a prevailing upward movement, while the -DI at 13.67 suggests weaker selling pressure. This combination shows that buyers currently have a firm upper hand over sellers, reinforcing Bitcoin’s bullish momentum. The difference between these values supports the overall strength of the current uptrend, suggesting that bullish forces are still dominating the market despite the recent surge. Bitcoin NUPL Is Still Far From Euphoria Bitcoin’s NUPL (Net Unrealized Profit/Loss) metric currently sits at 0.62, placing it in the “Belief – Denial” stage. NUPL measures the total unrealized profit or loss of all Bitcoin holders, helping to identify the broader sentiment in the market. At 0.62, market sentiment has moved from cautious belief to growing confidence but not yet reaching extreme optimism.…

---

Filed under: News - @ November 14, 2024 4:28 pm