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Bitcoin's (BTC) price climbed by 1.85% to the $111,000 price range after it earlier hit a low of $110,201.55 in the market. The uptick in price suggests that the flagship cryptocurrency might be set for a sustained bullish rally.
Bitcoin technical indicators suggest room for growth
CoinMarketCap data reveals that Bitcoin's price had earlier hit an intraday peak of $111,900.59 as it looked to reclaim the $112,000 price. However, the BTC price faced rejection as trading volume could not support the push for higher levels.
As of this writing, volume has declined by a significant 7.15% to $65.78 billion. The asset is changing hands at $111,545.67, representing a 0.21% increase in the last 24 hours. The ecosystem remains bullish as key technical levels are holding firm despite the mixed signals in price and volume.
Notably, Bitcoin’s Relative Strength Index (RSI) fluctuating around 62 on the hourly chart signals a more bullish undertone. This implies that the coin is not oversold and has room for price growth in the current rebound move.
Long-term investors will likely continue to accumulate the asset at this price as they anticipate further climbs. If Bitcoin can climb and breach the resistance at $113,850, it could trigger a breakout; else, it risks plunging to a low of $107,000.
Analysts and advocates remain bullish on Bitcoin's future
Despite the price volatility of Bitcoin, Michael Saylor, a vocal Bitcoin advocate and chairman of Strategy, remains bullish on the coin. In a recent comment after BTC reclaimed $111,000, Saylor advocated for a Bitcoin-based future. He enjoined investors to always "think digital."
Meanwhile, Bitcoin bears are confident that, regardless of price fluctuations, the coin will never dip below $52,000 again. This confidence is based on Bitcoin’s 200-week moving average, which has now crossed above $52,000.
This price level is regarded as the ultimate bottom for the asset, and it is unlikely to breach it no matter how volatile the market gets.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team