Bitcoin Rally Holds Assist Above $52K; Subsequent Resistance Close to All-Time Excessive

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Bitcoin (BTC) continues to strengthen after breaking above $50,000 earlier this week and rallying Thursday to a five-month excessive.

The cryptocurrency was buying and selling round $54,000 at press time and is up 5% over the previous 24 hours. Overbought indicators counsel danger of a pullback, albeit restricted to assist round $50,000-$52,000.

The intermediate-term uptrend has improved over the previous few months, which might maintain consumers lively towards the all-time excessive close to $64,000.

  • The relative energy index (RSI) is essentially the most overbought since September, which preceded a correction. Nonetheless, an analogous downturn is unlikely given robust upside momentum and a sequence of breakouts on the charts.
  • Consumers might want to maintain assist above $48,000-$50,000 with a purpose to resume the current rally.
  • BTC is just not but overbought on the weekly chart, which factors to additional upside.

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