Bitcoin Aims for $90,000 as Gold and Silver Hit All-Time Highs
- Market Reopening: Bitcoin (BTC) surged over 2% as traditional financial markets reopened after the Christmas break, aiming for a retest of $90,000, indicating sustained interest and potential rebound opportunities in the cryptocurrency market.
- Options Expiry Impact: The upcoming Bitcoin options expiry event worth nearly $24 billion is seen as a chance for market reset, which may alleviate price compression, allowing for a clearer reflection of market positioning and boosting investor confidence.
- Asset Allocation Shift: Analysts highlight January as a period for asset managers to reallocate their assets, with expectations that cryptocurrencies will be favored, especially as gold and silver reach new highs, further enhancing Bitcoin's market performance.
- Price Volatility and Liquidations: Although the journey towards $90,000 triggered over $200 million in liquidations, analysts suggest that a confirmed daily close above this level could propel prices towards $95,000, testing the psychological barrier of $100,000.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36049.129 | 48024.564 | 60319.149 | 72294.584 | 84589.169 | 96564.604 | 108859.189 |
| Fibonacci | 48024.564 | 57295.712 | 63023.437 | 72294.584 | 81565.732 | 87293.457 | 96564.604 |
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