Bitcoin is seeing some intense power immediately, with bulls pushing the cryptocurrency in direction of $17,000 following a short bout of weak spot earlier this week.
The ongoing uptrend has marked a big extension of the development seen all through the previous few months, with bears being unable to realize any floor towards bulls because it continues pushing greater every week.
The crypto is now buying and selling on the highest costs seen since its 2017 bull run, with it now only a hair away from setting contemporary all-time highs.
This comes as retail mania stays tempered, with mainstream media consideration and Google Trends exercise each displaying that the funds driving this development are coming from non-retail sources.
One analyst is now pointing to the benchmark cryptocurrency’s RSI indicator for insights into the place it could development subsequent.
He notes that though BTC’s uptrend reveals some indicators of being overheated for the time being, there’s nonetheless a powerful chance that it’s going to see additional upside earlier than going through any selloff.
Typically, when the crypto’s RSI reaches the degrees it’s at now, Bitcoin rallies for 3.5 days earlier than seeing a 20%+ pullback.
Bitcoin Rallies Towards $17,000 as Uptrend Continues
At the time of writing, Bitcoin is buying and selling up simply over 5% at its present value of $16,800. This marks a large $1,000 rise from its 24-hour lows set a handful of hours in the past.
Where the aggregated market developments within the near-term will doubtless rely totally on whether or not or not BTC can surmount the resistance that exists round $17,000.
If this degree is damaged above, it could be clear skies up in direction of the important thing $20,000 degree that traders are carefully watching for the time being.
Analyst Claims Indicator Suggests BTC Could Rally Further Before Seeing a Pullback
While sharing his ideas on the place Bitcoin would possibly development within the near-term, one analyst defined that he’s watching its RSI indicator for hints into the place it could development subsequent.
He notes that BTC might rally for just a few extra days earlier than going through a powerful selloff.
“Sure, we’re working scorching. That stated, the final a number of occasions we had been at these ranges on the 3D RSI we continued greater, on common, for 3.5 extra days earlier than any vital pullback (>-20%).”
Image Courtesy of HornHairs. Source: BTCUSD on TradingView.
The coming few days ought to present perception into simply how far-reaching and sustainable this ongoing Bitcoin upswing will likely be.
Featured picture from Unsplash.
Charts from TradingView.