The post Why BTC Price Could Skyrocket to $110K Soon appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) is attempting to recover its $2 trillion market cap as bullish momentum builds. Recent technical indicators, such as the DMI and RSI, suggest the uptrend is gaining strength but also highlight the need for sustained buying activity to maintain upward pressure. Meanwhile, BTC’s EMA lines hint at a possible golden cross, which could propel the price to test critical resistance levels near $98,870 and beyond. However, failure to break these levels might result in a pullback, with key support zones at $90,700 and $88,000 coming into focus. Bitcoin DMI Shows the Uptrend Is Here The DMI chart for Bitcoin indicates that its ADX is currently at 27.3, marking a significant rise from 13.6 three days ago. The ADX, or Average Directional Index, measures the strength of a trend on a scale from 0 to 100, with values above 25 signaling a strong trend and values below 20 indicating weak or absent momentum. BTC’s ADX crossing 25 suggests that the uptrend has gained substantial strength, reflecting increased market confidence in the current price direction. BTC DMI. Source: TradingView The directional indicators provide further context, with the +DI at 27.8, slightly down from 32.7 yesterday, and the -DI at 11.9, a minor decrease from 13.1. This configuration highlights that buying pressure remains significantly stronger than selling pressure, though the slight decline in the +DI suggests some cooling in bullish momentum. In the short term, BTC’s price is likely to remain in an uptrend, but sustaining further gains may require renewed buying activity to keep the +DI elevated and the ADX rising. BTC RSI Has Been Above 50 Since January 1 Bitcoin RSI is currently at 60.47, maintaining its position above the neutral 50 level since January 1. The Relative Strength Index (RSI) measures the speed and magnitude of price changes…

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Filed under: News - @ January 4, 2025 11:15 am