Bitcoin outlook: Rises above 92K to a new record high

The price of Bitcoin continued to rise after a brief lull on Tuesday, as indicated by the long-legged daily Doji candle, and reached a new record high on Thursday over the round-figure 92K barrier. The bitcoin snowball is still rolling and accelerating.

Bitcoin is tracking the rising US dollar, and bullish mood is still extremely strong on the post-Trump election triumph euphoria (the recent US inflation data adds to increased predictions for fewer Fed rate reduction in 2025 than previously expected).

A new positive signal will be created by the first daily close above 90K. If two complete figures are accelerated above this level, the signal will be further strengthened and bitcoin will go closer to the elusive 100K objective.

Although the daily chart's technical picture displays overstretched indications, bulls are not yet hampered by this; nonetheless, there may be a few corrective drops in the upcoming session.

In the present favorable market conditions, I anticipate bulls to maintain their strong hold. However, when the price approaches the 100K barrier, there will be more profit-taking, and headwinds will grow.


Res: 95029, 98940, 10000, 93016

Sup: 85132, 86282, 90000, and 91000

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