The post This indicator is a clear sign of Bitcoin surging past $100,000 appeared on BitcoinEthereumNews.com.

As Bitcoin (BTC) hovers near $100,000, momentum indicators suggest the asset will likely see further upside beyond this much-anticipated level. In this case, a key indicator to watch is the Relative Strength Index (RSI), which, at around 82, suggests that Bitcoin is in the overbought zone.  However, the RSI remains below the extreme highs observed during Barchart’s over the last two years, as highlighted by Barchart’s analysis on November 23. Although there are fears of retracing, the current RSI reading suggests that Bitcoin will potentially see more capital inflow before any notable corrections.  Bitcoin price analysis chart. Source: Barcharts Bitcoin whales on a buying spree  Already, on-chain metrics point to Bitcoin experiencing unprecedented buying pressure, fueled by significant capital inflows from whales, suggesting strong confidence in the asset’s momentum.  Specifically, data shared by analyst Ali Martinez on November 23 noted that in 96 hours alone, whales had accumulated 40,000 BTC, valued at approximately $3.96 billion. This signals strong confidence in Bitcoin’s upward momentum. Bitcoin whale buying activity. Source: Santiment/Ali_charts This surge in buying pressure has been particularly notable across major trading platforms such as Binance, OKX, HTX, and Bybit, where the activity has reached new highs. As Bitcoin inches closer to six figures, sustained capital inflows point to general market bullish sentiment inspired by the election of Donald Trump and the recent resignation of Gary Gensler from the helm of the Securities Exchnage Commission.  If this trend continues, breaking the $100,000 mark could attract further interest, but investors need to remain cautious amid anticipated volatility as the milestone approaches.  At present, the general market consensus is that Bitcoin is highly likely to hit $100,000. In this case, analysts are weighing in projecting bullish targets, such as $120,000, while others foresee a potential pullback that could usher in an altcoin season.…

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Filed under: News - @ November 23, 2024 4:24 pm