The weekly chart shows Bitcoin (BTC) trading at an all-time high with three long green candles. The breakout and maintenance above the EMA lines in the weekly timeframe indicate that the long-term uptrend is prevailing. The gap between the EMA lines is widening and all are pointing upwards, reinforcing strong bullish momentum.
The current week's RSI index is at 77. Looking at a larger time frame, this level is still not too high; it could easily rise to 80. (In the previous season, RSI peaked at 93). The upward momentum remains very stable if macro indicators and market conditions maintain stability.
The trading volume in the past three weeks has been quite strong and steady, in line with the upward price trend. Additionally, the stablecoin market is also experiencing positive growth, contributing to the foundation for Bitcoin's price increase. The total trading volume in the past month reached 2.7T USD, up 42% compared to the previous month, while the circulating supply reached 179 billion USD, up 9.5%. The number of active addresses also reached 27 million, up 8.12%.
The short-term target for BTC is to surpass the strongest psychological barrier ever at 100k USD (it is likely to exceed this level; the kill short could rise to 105k USD before correcting). In the medium term, based on the previous cycle combined with Fibonacci levels, the price targets will be 133k USD and 153k USD.
The election of Donald Trump as the President of the United States for the 2025 term has sparked many hopes in the cryptocurrency community, especially Bitcoin. During his campaign, Trump committed to making the U.S. the global cryptocurrency center and establishing a national strategic Bitcoin reserve. These policies are expected to boost the acceptance and wider use of Bitcoin, creating upward price momentum in the near future.
Overall, everything is bullish, except altcoins are holding.
#BTC #btc $BTC #Write&Earn #Write2Earn!
