- Bitcoin surpassed $ 111k and became the sixth largest global assets at market value
- RSI signaled Bullish Momentum, but Overbought levels increase the risk of a price correction
Bitcoin [BTC] Is in the news today after a historic milestone had risen, with the $ 110k barrier being violated to act at $ 111,056.55 at the time of the press. In addition, it marked an increase of 3.65% in the last 24 hours, according to Mint market cap.
This rally confirmed its position as the world’s sixth largest possession, only on the back of technical giants such as Microsoft, Nvidia, Apple, Amazon and Gold.
Saylor forces people to buy Bitcoin
As expected, these rally reactions from prominent lawyers such as Michael Saylor, founder of Strategy (formerly MicroStrategy), celebrated the achievement on X. He said,
“If you don’t buy Bitcoin on the all time, leave your money on the table.”
Others such as Adam Livingston repeated the feelings of Saylor.
Source: Adam Livingston/X
Not everyone shares the same point of view
However, Saylor’s own comments attracted some different reactions.
For example, Adaora prefer nwankwo added”
“Saylor Pls !!! Let which money leave on which table exactly? Always buy high and get stretched.”
Where does Bitcoin actually go?
On the price diagrams, the technical indicators seemed to signal a strong bullish momentum, whereby the relative strength index (RSI) was placed well above the neutral 50 level.
While this upward pressure confirmed, the presence of the RSI in the Overbough area brought caution among traders.
In fact, release concern about the potential for a trend removal. Especially since Overboughteconditions often precede an increase in sales activity that could shift the market control from buyers to sellers.
Source: Trade reproduction
A further consideration of Intotheblock data showed that 100% of the Bitcoin holders are currently ‘in the money’, which means that their companies are valued above their original purchase price.
Without visible share of investors ‘from the money’, this data hinted at an overwhelming profitable market position.
Source: Intotheblock
On the contrary, such a uniform profitability could also refer to the saturation of the market and the greater chance of taking a profit. This can introduce a bearish pressure in the short term or cause a potential correction in the Bitcoin price process.