Phemex Analysis #41: Bitcoin Breaks the $100,000 Barrier!In a historic moment, Bitcoin (BTC) has finally surpassed the $100,000 mark. This significant milestone comes seven years after its struggle to break the $10,000 barrier in early December 2017.
Possible Scenarios
As Bitcoin enters this uncharted territory, several scenarios may unfold:
1. Continued Rise:
A sustained bullish momentum could drive Bitcoin to even higher levels. However, psychological resistance levels at $110,000 and $112,000 may pose challenges. It's essential to be cautious as the price approaches these levels.
2. Price Retracement:
The recent formation of a bearish divergence on the 1D RSI chart suggests a potential price correction. Historical patterns from January and March 2024 indicate that such divergences often precede pullbacks. While a full-blown bearish trend is unlikely, support levels at $90,000, $86,700, and $76,000 could provide opportunities for buying the dip.
Conclusion
The $100,000 milestone is a significant achievement for Bitcoin, but it's important to maintain a rational and disciplined approach. While the future of Bitcoin remains bright, it's crucial to manage risk effectively and avoid impulsive decisions. By conducting thorough research, analyzing market trends, and implementing sound trading strategies, investors can capitalize on Bitcoin's potential while minimizing risk.
Tips:
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Disclaimer: This is NOT financial or investment advice. Please conduct your own research (DYOR). Phemex is not responsible, directly or indirectly, for any damage or loss incurred or claimed to be caused by or in association with the use of or reliance on any content, goods, or services mentioned in this article.
