Bitcoin has recently experienced a significant rally, pulling over $ 90,000 in stagnation after a price of over five weeks. As of now, Bitcoin is trading near $ 94,401, just shy against critical $ 95,761.
This indicates that Bitcoin is not yet at its saturation point when the main barriers are violated, it is possible to even upwards.
Bitcoin investors are greedy
The market body surrounding Bitcoin is still overwhelmingly positive, investors have a high level of optimism for further price revenue. Social media posts point to sharp sharpness in the bullish centimeter, the number of optimistic (versus bears) posts, which reaches the level after Donald Trump's elections on November 5, 2024.
However, the extreme level of greed on the market still raises questions about the sustainability of this upward movement. As the feelings of investors become more optimistic, there is a risk that it can lead to local peak if too many merchants become too greedy.
Bitcoin's wider macromoment indicates a setback, especially in terms of profits/loss (P/L) ratio that is approaching the neutral 1.0 levels. This shift shows a balance between profits and losses. Historically, 1.0 thresholds have acted as a resistance during bear phases, but persistent movement above this level can signal a stronger recovery and continued bitcoin rise.
Although the shift towards the neutral P/L ratio refers to the potential strength, it also opens up pressure sales as investors want to lock profits. Therefore, Bitcoin's ability to maintain a momentum depends on how investors respond to price movements and whether they decide to sell or own their positions.
The price of BTC needs a push
Bitcoin's recent pricing shows a 10% growth in the last seven days, trading at $ 94,401. The cryptocurrency king is now slightly lower than the $ 95,761 resistance level, which has remained for some time. The pause above this level would set a bitcoin on the track to reach new ups, the next bigger milestone is $ 100,000.
If Bitcoin violated $ 95,761, the greed growing in the market is likely to encourage investors to keep their positions, not sell. It is likely to feed the Altcoin Bullish momentum, pushing Bitcoin towards $ 100,000, as demand is still strong among traders who want to take advantage of potential profits.
However, if Bitcoin does not maintain its position above $ 93,625, the price may fall to $ 91,521. A deeper decline up to $ 89,800 can be jeopardized bullish momentum, delaying immediate recovery and increasing the chances of the consolidation phase.
Giving up
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