Bitcoin (BTC) continues to strengthen after breaking above $50,000 earlier this week and rallying Thursday to a five-month excessive.
The cryptocurrency was buying and selling round $54,000 at press time and is up 5% over the previous 24 hours. Overbought indicators recommend threat of a pullback, albeit restricted to assist round $50,000-$52,000.
The intermediate-term uptrend has improved over the previous few months, which might hold consumers lively towards the all-time excessive close to $64,000.
- The relative energy index (RSI) is essentially the most overbought since September, which preceded a correction. Nevertheless, an identical downturn is unlikely given robust upside momentum and a collection of breakouts on the charts.
- Consumers might want to maintain assist above $48,000-$50,000 so as to resume the latest rally.
- BTC shouldn’t be but overbought on the weekly chart, which factors to additional upside.