Bitcoin (BTC) continues to surge after recording a new all-time high price on Tuesday (20), and could reach a new record today.
Currently trading at $93,630, BTC needs to rise just 0.5% to reach a new ATH. With that in mind, here’s what technical analysis has to say about the cryptocurrency’s future trend.
Bitcoin between two scenarios
After registering a new ATH, Bitcoin experienced a slight pullback, momentarily returning to the wedge in which it was trading. However, the cryptocurrency experienced a new jump in the last few hours, once again overcoming the resistance of the pattern.
Bitcoin (BTC) Chart on TradingView
With this, it is possible that the asset will continue to rise and finally surpass the US$ 94 thousand barrier. This scenario is supported by the short-term technical indicators on the 1-hour chart.
At this time, the 9-period exponential moving average (EMA) (blue) has crossed back above the 21-period EMA (orange). This crossover is bullish as it shows that the short-term trend is bullish.
Furthermore, the Relative Strength Index (RSI) is above 50, which shows that buyers are in control of the trend. The fact that the indicator is below 70 still shows that there is room for the asset to make further highs without entering an overbought state.
Bitcoin (BTC) Chart on TradingView
On the other hand, failing to do so would indicate the creation of a double top pattern. This pattern usually initiates a trend reversal, which could cause BTC to enter a corrective movement. In this case, it would be necessary to observe whether the $90,000 level will act as support.
The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.
