- The price of BTC remains unpredictable for the rest of the year.
- The rising Relative Strength Index (RSI) confirms this optimistic forecast.
Bitcoin is presently trading over $57,000, rekindling prospects for fresh year-end record highs. After recouping last week’s losses due to the new Omicron Coronavirus type and crypto regulatory concerns in India, Bitcoin’s price hit $58,000 late Sunday night and is still up 5.77 percent today.
The price of BTC remains unpredictable for the rest of the year because of concerns around Corona. With the current surge, bears may still exploit leveraged bulls. With the month coming to a close in two days, it is critical to comprehend BTC’s technical performance this week.
Over the weekend, BTC/USD rebounded off the 100-day SMA around $54,202, while Bitcoin surged to a weekly finish of $57,248 on CoinMarketCap. It was BTC’s best week in two months. Popular analyst Rekt Capital tweeted, BTC is not far from retesting the 21-week EMA which is the time-tested indicator for bullish momentum.
$58,000 Level Critical
Regaining $58,000 is critical for BTC bulls to maintain the climb. The huge crypto is now trading around $57,410 and failing to break the downtrend line. Bitcoin will reach $60,000 if it breaks over the resistance line.
The rising Relative Strength Index (RSI) confirms this optimistic forecast. However, the RSI is still at 46.01, suggesting that the overhead pressure may lower the BTC price.
The $60K barrier remains intact even after the rally since BTC has been forcefully rejected from this position since November 18. The Bitcoin community is optimistic that the currency will conclude the month over $60,000. We’ll find out in less than 48 hours.
According to CoinMarketCap, the Bitcoin price today is $57,074.28 USD with a 24-hour trading volume of $30,807,033,241 USD. Bitcoin is up 4.64% in the last 24 hours.