Bitcoin Keeps Charging Toward the $80,000 Mark
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Summary:
- Bitcoin is strongly bullish, rising about 10% and approaching the $80,000 level.
- Technical indicators remain positive, with BTC well above the 9-day EMA, though SRSI is overbought.
- If momentum continues, Bitcoin could break $80,000 and target $85,000.
The Bitcoin market has continued its upward movement. As of the latest data from Coinmarketcap, the price of the coin has risen by approximately 10% over the past 24 hours, bringing it closer to the high last tested around May 4. There is also speculation that Bitcoin’s bear market may be coming to an end.
What Does the BTC 24-Hour Price Chart Show?
Looking at the Bitcoin daily chart, price action has been under strong bullish pressure, as shown by the last three price candles. This strong upward movement has pushed Bitcoin toward its May high, which is above the $80,000 level.
Price action is currently trading significantly above the 9-day Exponential Moving Average (EMA). Meanwhile, the Stochastic Relative Strength Index (SRSI) lines are in the overbought region. The two indicator lines have converged and appear ready to move sideways.
Bitcoin’s Bull Run Appears to Be Gaining Momentum
The BTC market has been strongly bullish recently, following developments surrounding a recent meeting of crypto executives. Since then, the broader crypto market has remained positive, with Bitcoin leading the move.
Current technical indicators suggest that prices could continue rising. The SRSI is already in the overbought region, with both lines converging and appearing likely to move sideways amid strong bullish sentiment.
Additionally, the latest price candle shows very little downward contraction, suggesting that bullish pressure remains strong.
BTC Targets the $80,000 Mark and Beyond
Current market indications suggest that traders and investors may be preparing for Bitcoin to test the $80,000 level. Although the SRSI lines are already around the 100 mark, price action remains well above the EMA, indicating that bullish momentum is still strong.
Therefore, rather than focusing only on the $80,000 target, traders may also consider $85,000 as a potential next target if the bullish momentum continues.
