Bitcoin price has surged 20.6% in the past week and is nearing the $90K mark.
Polymarket bettors are optimistic, with 46% predicting a $100K price this month.
The market's RSI is in the overbought zone, indicating potential volatility.
The Bitcoin market has seen an impressive 20.6% growth over the past week, and it’s now hovering near $90K.
What’s Boosting the Bitcoin Price?
Since the US presidential election, the entire crypto market has been on a steady rise. In just the last 24 hours, the market has grown by 2.9%, with top cryptocurrencies benefiting from the overall positive sentiment. Bitcoin, in particular, has jumped 32.35% since November 5.
*Is It Overbought or Just Starting?*
Currently, Bitcoin’s Relative Strength Index (RSI) stands at 81.40, which signals that the market is in the overbought zone. Despite this, Bitcoin’s price of $89,600 is well above key moving averages—the 50-day SMA of $68,922, the 100-day SMA of $64,324, and the 200-day SMA of $64,305—suggesting strong market momentum.
At the start of the month, Bitcoin’s price was around $70,128. It briefly dropped to a low of $67,951 on November 4. However, since November 5, the market has experienced steady growth, breaking through the crucial $90K level just yesterday