Bitcoin (BTC) price has surged 21.70% in the past seven days, repeatedly reaching new all-time highs. BTC is currently just 10% below the $100K mark, with the uptrend showing exceptional strength as indicated by technical markers such as the DMI and EMA lines.
With market sentiment entering a phase of growing confidence but not reaching euphoria, there is still room for growth before potential corrections. However, traders should remain cautious about potential pullbacks as Bitcoin heads towards $100K.
Bitcoin's current uptrend is very strong
The DMI chart highlights Bitcoin’s strong uptrend. The Average Directional Index (ADX) is currently at 48, signaling significant trend strength. ADX is a tool that measures the strength of a trend—values above 25 are considered strong and anything above 40 is considered very strong.
A few days ago, the index was close to 60, indicating that the uptrend was even more powerful at that time.
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DMI do BTC. Fonte: TradingView
The Directional Movement Index (+DI and -DI) further sheds light on the direction of this trend. With +DI at 30.37, the data indicates a predominant upward movement, while the -DI at 13.67 suggests weaker selling pressure. This combination shows that buyers currently have a firm edge over sellers, reinforcing Bitcoin’s bullish momentum.
The difference between these values supports the current uptrend, suggesting that bullish forces are still dominating the market despite the recent surge.
NUPL is still far from euphoria
Bitcoin’s NUPL (Net Unrealized Profit/Loss) metric currently stands at 0.62, placing it in the “Belief – Denial” stage. The indicator measures the total unrealized profit or loss of all Bitcoin holders, helping to identify the broader sentiment in the market.
At 0.62, market sentiment has shifted from cautious belief to growing confidence, but has not yet reached extreme optimism.
NUPL is BTC. Fonte: Glassnode
Despite being in the “Belief – Denial” stage, the NUPL level is still significantly below 0.7, the threshold for “Euphoria – Greed.” Historically, this next level has marked a period where Bitcoin has often faced sharp corrections as market sentiment shifts toward unsustainable greed.
With the current value below this critical threshold, BTC's price could still grow before reaching levels typically associated with overheating.
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The EMA lines are currently showing a very strong bullish setup, with the price sitting above all of them and the short-term EMAs positioned above the long-term ones.
This alignment is a classic indicator of a well-supported uptrend, suggesting that momentum is ripe for further gains.
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BTC Price Analysis. Source: TradingView
BTC’s price is also roughly 10% below the all-time high of $100K, and given the current trend strength and supporting metrics like NUPL, reaching this milestone seems possible in the near future. However, corrections are always possible before a new all-time high is set.
If the trend loses steam, Bitcoin price could face a pullback, potentially testing key support levels at $85,000 and $78,400.
The article Bitcoin is just 10% away from $100,000 on the rise was first seen on BeInCrypto Brazil.
