Bitcoin Cycle Top Still Ahead? Key Levels to Watch
The post Bitcoin Cycle Top Still Ahead? Key Levels to Watch appeared on BitcoinEthereumNews.com.
Bitcoin’s upward momentum shows no signs of slowing down, with analysts suggesting the market cycle top may still be ahead. According to Titan of Crypto, a market analyst, the token’s monthly RSI indicates further growth prospects. Historically, cycle tops in 2013, 2017, and 2021 coincided with the RSI reaching the overbought zone, a threshold that remains untested in the current bull market. The shared analysis highlights Bitcoin’s consistent cyclical patterns, showing that corrections are a normal part of the climb toward new highs. Titan of Crypto’s chart reveals that Bitcoin is following an upward trajectory, with the trend line suggesting a possible push toward a new all-time high. The analyst encourages traders to focus on the bigger picture, reminding them, “When in doubt, zoom out.” Bitcoin’s Key Levels to Watch Since mid-November, Bitcoin has climbed within an ascending channel, steadily building momentum as its price approached a critical resistance near $99,661. This surge was briefly interrupted by a retracement to $90,767, where the bulls regrouped and reignited the rally. Riding this wave of enthusiasm, the token shattered the $100,000 milestone, soaring to a new all-time high of $103,900. However, this uptick was followed by a natural pullback, with the cryptocurrency finding solid footing just below the 78.6% Fibonacci retracement level at $94,208. From there, Bitcoin has stabilized, trading at $97,727 at press time—marking a modest 1.92% dip over the past 24 hours. At this level, the BTC token hovers near the lower boundary of the ascending channel, a zone that historically acts as a springboard for price recoveries. Should this trend hold, BTC could soon retest its prior highs, with $101,430 emerging as the immediate hurdle. A successful breakthrough here may pave the way for the cryptocurrency to challenge its all-time high, setting its sights on new heights. In this…
Filed under: News - @ December 10, 2024 2:10 am