PakGazette – As it surpasses $100,000, Changpeng Zhao, the founder of Binance, is making a light-hearted comment, calling $100,000 boring. Despite the importance of the milestone, many people are now wondering what Bitcoin will do next and whether it has more potential to rise. Not only is Bitcoin at $100,000, a major milestone, but it also reflects growing institutional and retail interest.
The 26 EMA and 50 EMA support a strong uptrend on the recent charts, suggesting continued bullish momentum. The asset still has room for a bullish move without being considered overbought, according to the RSI, which currently sits around 59. Volume has increased slightly, but not enough to indicate a euphoric high, which is frequently seen in the peak of market cycles.
Furthermore, rising open interest in Bitcoin futures keeps the rally going as more and more leveraged traders cover positions. An examination of the 30 most important market indicators yields revealing information. It seems that the market is not overheating yet, because metrics like Mayer Multiple and Bitcoin Pi Cycle Top are still well below their critical thresholds.
The MVRV Z-Score, which currently stands at 2.97, is significantly below the 5.0 threshold that traditionally denotes a market peak. At 59, the 22-day RSI is well below the 80-point overbought level. Far from bubble territory above 80, the Bitcoin bubble index currently sits at 13.48. Based on this data, it appears that Bitcoin price action may still be in the early or middle stages of a larger bull run.
A historical precedent prior to notable corrections or a prolonged period of consolidation suggests greater upside potential. The focus is on important resistance levels at $110,000 and $120,000 as Bitcoin consolidates around $100,000. These goals could be achieved in the near future if Bitcoin maintains its momentum and sees increasing volumes.
