bullish

Bitcoin

when

Daily

<p>Bitcoin is on the verge of reaching $100K. To many, this may seem like the ultimate milestone and it’s been one that investors have been looking forward to for a long time.</p> 
<h2 id="technical-analysis">Technical Analysis</h2> 
<p>By Edris Derakhshi (TradingRage)</p> 
<h3 id="the-daily-chart">The Daily Chart</h3> 
<p>In terms of daily timeframe, it is evident that the price has been rapidly climbing since the beginning of November.</p> 
<p>It has already broken past multiple resistance levels, including $90K.</p> 
<p>Meanwhile, as the price approaches $100K, the Relative Strength Index (RSI) is showing a worrying signal, as the market is clearly overbought according to this oscillator. Therefore, significant volatility can be expected when the price reaches $100K, as it is the take-profit area for many short-term and long-term Bitcoin holders.</p> 
<figure style="width: 100%" class="wp-caption alignnone">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-Daily-Nov-21-2024-scaled.jpg" data-wpel-link="internal"></a>
 <figcaption class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure> 
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3> 
<p>The 4-hour chart clearly shows Bitcoin’s path toward $100K. A few days ago, the price was consolidating in a symmetrical triangle pattern, but it has finally broken the level to the upside.</p> 
<p>Unlike the daily chart, the RSI is just entering the overbought region in the 4-hour timeframe, and there’s seemingly more upside to be expected in the short term.</p> 
<p>Therefore, the market might even go beyond $100K before experiencing any significant correction.</p> 
<figure style="width: 100%" class="wp-caption alignnone">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-21-2024-scaled.jpg" data-wpel-link="internal"><img src="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-21-2024-scaled.jpg" alt="btc_price_chart_2111242" width="2560" height="1372"></a>
 <figcaption class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure> 
<h2 id="sentiment-analysis">Sentiment Analysis</h2> 
<p>By Edris Derakhshi (TradingRage)</p> 
<h3 id="funding-rates">Funding Rates</h3> 
<p>As Bitcoin’s price continues to rally and break past several resistance levels, investors are optimistic about the short term. This is evident in the funding rates chart, which measures futures market sentiment.</p> 
<p>Funding rates indicate whether the buyers or the sellers are dominant in aggressive buying or selling in the futures market. Positive values are interpreted as bullish sentiment, while negative values show fear and bearish sentiment.</p> 
<p>As the chart suggests, funding rates are rising significantly compared to the past few months. However, they have yet to reach the values seen during the last all-time high of $74K earlier this year. Therefore, while funding rate spikes can always lead to sudden crashes due to long-liquidation cascades, it seems that there is still room to grow for both price and market sentiment.</p> 
<figure style="width: 100%" class="wp-caption alignnone">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Funding-Rates-All-Exchanges-2-scaled.jpg" data-wpel-link="internal"><img src="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Funding-Rates-All-Exchanges-2-scaled.jpg" alt="btc_funding_rates_chart_2111241" width="2560" height="1440"></a>
 <figcaption class="wp-caption-text">
  Source: CryptoQuant
 </figcaption>
</figure> 
<p>The post <a href="https://cryptopotato.com/bitcoin-price-analysis-btc-explodes-to-new-ath-is-100k-next-today/" rel="nofollow">Bitcoin Price Analysis: BTC Explodes to New ATH, Is $100K Next Today?</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

Bitcoin Price Analysis: BTC Explodes to New ATH, Is $100K Next Today?

Table of Contents

CryptoPotato_News

Other articles published on Nov 21, 2024

Bybit Unlocks 50,000 USDT bbSOL Staking Rewards on On-Chain Earn

Xandeum Liquid Staking Program Hits $8M Milestone with Industry Leading APY

DeFi Technologies Launches SolFi: The "MicroStrategy for Solana"

BREAKING! New Development Regarding Spot Solana ETFs! Is SEC Approval Near? Here Are the Details…

FTX Token (FTT) Surges as Reorganization Plan Expected in Early January 2025

Binance Launches Futures Trading for SLERF and SCRT

Join our free newsletter for daily crypto updates!