Bitcoin Price Prediction: BTC Soars 17% In A Week To Pass $81K Amid Trump Win Bull Run As Traders Turn To This PolitiFi ICO For 10X Gains
The Bitcoin price surged 17% in the last week and 2% in the last 24 hours to trade at $80,654 as of 02:20 a.m. EST on trading volume that skyrocketed 99% to $86 billion.
The Donald Trump election victory continued to pump markets over the past 24 hours, with Bitcoin clocking another all-time high at $81,800, according to CoinGecko.
Bitcoin Price Moving Towards A Sustained Bullish Trend
The BTC/USD chart shows an upward trend over recent months, especially since September. The Bitcoin price appears to be in a rising channel (indicated by the two white trendlines), suggesting a bullish trend. The price is currently near the upper boundary of this channel, surpassing the $79,000 level, which often acts as resistance, according to data from GeckoTerminal .
BTC price is now moving above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the uptrend. The 50-day SMA has crossed above the 200-day SMA, forming a golden cross around the $65,000, which is a sign of the positive trajectory.
Moreover, the Relative Strength Index (RSI) is at 76.37, which is above the 70 level, placing it in the overbought zone. This suggests that WBTC may be overextended in the short term, potentially signaling a pullback or consolidation phase. However, in strong bullish trends, the RSI can stay overbought for extended periods.
The presence above both the 50-day and 200-day MAs, the Golden Cross, and the upward channel indicate a strong bullish trend. If this momentum continues, the price of Bitcoins could soar to the next possible resistance at $90,000.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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