The post Bitcoin Hits $80K – Can It Keep Rising or Will It Fall? appeared on BitcoinEthereumNews.com.

Bitcoin’s recent price surge has been, honestly, nothing short of impressive. In the past week alone, BTC jumped by 17.36%. Look back over the past month, and it’s even bigger—up 28.57%. Currently, Bitcoin is hovering around an all-time high of $80,860. So, what does this mean for the bigger picture? Well, Bitcoin’s market cap now sits above $1.6 trillion. This brings Bitcoin dominance to 59.4%. That’s big because it shows Bitcoin’s not just leading the pack; it’s pretty much driving the whole market forward. The global crypto market cap has grown too, now at $2.88 trillion, reflecting a 2.82% bump in just the last 24 hours. And the daily trading volume? A massive $82.49 billion. Clearly, Bitcoin fever is high. Bulls Getting Tired? A very interesting thing to understand here is the entry of new players. As btc started to rise a lot of new investors started putting their money in, enforcing the growth. However, there is a limit to every jump. Bitcoin being an asset needs to correct every few steps to confirm support. Currently theRSI is at 77.50 showing the largest crypto is almost at the brink of overbought position. And if we cross check this data with ADX which is at 29.24, we can clearly see the trend is losing some momentum. The 20 days moving average sits at $71,612, which is way below the current price. There are some chances we might witness a correction at this point. Stay alert! Some experts are even saying this rise looks a bit like gold’s surge back in 2009-2010. Back then, people turned to gold to hedge against uncertainty. Now, with economic ups and downs, Bitcoin might be serving that same role—acting as “digital gold” for today’s investors. Trump, Crypto, and Market Moves Now, here’s a twist: Bitcoin’s recent…

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Filed under: News - @ November 11, 2024 6:27 am