Crypto News

Bitcoin Hits a Record High, Surging Above $106,000

Bitcoin Hits a Record High, Surging Above $106,000
© Copyright Image: Forex Trading Blog

Analysing Bitcoin price on 6th December, we:

noted that more likely Trumps victory in the presidential election and his plans to create a strategic reserve dedicated to Bitcoin were the primary drivers of BTC/USDs growth in November.

Identified two ascending channels (highlighted in blue and orange) that mapped the fluctuations within the upward trend, which pushed Bitcoin price to $100,000.

Over the weekend, President-elect Trump confirmed his intention to establish a strategic reserve dedicated to Bitcoin, propelling Bitcoin price to a new all-time high above $106,000.

Meanwhile, a technical analysis of the BTC/USD 4-hour chart reveals:

The price reached the upper boundary of the orange channel, which acted as resistance. The candles upper wick suggests potential selling pressure, indicating that major market participants might be taking advantage of the price surge to lock in returns.

Narrow-range fluctuations (marked with a blue oval) may indicate the position of the blue channels median line, while the RSI indicator is in an overbought zone.

Given these observations, we could suggest that the market is in a vulnerable position for a pullback possibly toward the blue median line, where Bitcoin price might be more balanced for both buyers and sellers.

Read more: https://fxopen.com/blog/en/oa-bitcoin-hits-a-record-high-surging-above-106-000/

Text source: Forex Trading Blog

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
Buy & sell Crypto in minutes

Join BINANCE!

The world's largest crypto exchange

You're just steps away from receiving your reward.

The most complete Crypto News Center.

Search Stories:

Latest top stories