The post Can Bitcoin Break Its Current Resistance and Surge Higher? appeared on BitcoinEthereumNews.com.

Bitcoin’s price has been moving steadily upward in recent weeks, showing signs of renewed investor confidence and potential for further gains. However, several critical levels on the daily chart indicate that the current rally faces significant hurdles. Let’s dive into the technical analysis and explore the possibilities for Bitcoin’s price trajectory in the coming days. What Does the Current Bitcoin Price Action Tell Us? BTC/USD Daily Chart- TradingView The daily chart shows Bitcoin trading just below a key resistance level around $105,000, which aligns with previous highs marked by horizontal orange lines. These levels have acted as formidable barriers in the past, with multiple rejections visible over the last few months. Each time Bitcoin has approached this level, it has either consolidated or corrected lower. The current attempt appears stronger, given the series of higher lows that signify growing bullish momentum. The candlestick patterns, especially the Heikin Ashi bars, indicate a steady uptrend with minimal downside wicks, showing reduced selling pressure. The price has also remained consistently above support levels near $95,000, as shown by the horizontal green line. This suggests that buyers are stepping in to defend the trend, giving Bitcoin a robust foundation for potential upward moves. Is the RSI Signaling Overbought Conditions? The Relative Strength Index (RSI) currently hovers around 65, which is below the overbought threshold of 70. This indicates that while Bitcoin is approaching overbought conditions, there is still room for the rally to continue without triggering significant profit-taking. However, it is essential to note the divergence between the RSI and price movement during previous rallies. On some occasions, the RSI failed to reach higher peaks, leading to short-term corrections. Additionally, the RSI trendline has been rising steadily, showing no immediate signs of reversal. As long as Bitcoin maintains RSI levels below 70 without sharp…

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Filed under: News - @ January 25, 2025 4:17 pm