As Bitcoin surpasses $100,000, Changpeng Zhao, the founder of Binance, is making a lighthearted remark, calling $100,000 boring. Despite the importance of the milestone, many people are now wondering what Bitcoin will do next and whether it has more potential to increase. Not only is Bitcoin at $100,000, a significant milestone, but it also reflects growing institutional and retail interest.
The 26 EMA and 50 EMA are supporting a robust uptrend in recent charts, suggesting ongoing bullish momentum. The asset still has room for upward movement without being regarded as overbought, according to the RSI, which is currently at about 59. The volume has increased slightly, but not enough to indicate a euphoric blow-off top, which is frequently seen at the top of market cycles.
Additionally, the increase in open interest in Bitcoin futures keeps the rally going as more and more leveraged traders fill positions. An examination of the 30 most important market indicators yields insightful information. It appears that the market is not yet overheating, because metrics like the Mayer Multiple and Bitcoin Pi Cycle Top are still well below their critical thresholds.
The MVRV Z-Score, which is currently at 2.97, is significantly below the 5.0 threshold that traditionally denotes a market peak. At 59, the 22-day RSI is well below the 80-point overbought level. Far from the bubble territory above 80, the Bitcoin Bubble Index is currently at 13.48. Based on this data, it appears that the price action of Bitcoin may still be in the early to mid-stages of a larger bull run.
More upside potential is suggested by historical precedent prior to notable corrections or an extended period of consolidation. The focus turns to important resistance levels at $110,000 and $120,000 as Bitcoin consolidates around $100,000. These goals might be reachable in the near future if Bitcoin keeps up its momentum and sees rising volumes.
