A break of the 100k barrier in Bitcoin$BTC will further push the price higher. Markets often gravitate towards round numbers. Therefore, 100k is a significant milestone that will fuel further buying. For now, 100k and the additional speculation it generates will provide a base for the price. However, the Bitcoin rally is in overbought territory and is likely to consolidate or decline soon.
The chart below shows the recent surge in price to surpass 100k. In March 2024, Bitcoin experienced a similar surge, pushing prices to overbought levels. The current MACD is slightly higher than it was in March, as shown by the circle. Furthermore, despite the excellent price action and surpassing 100k, this appears to be triggering a sell signal. BTC is likely to consolidate.
But the big question is when, and just as importantly, how far it will rise before it takes a break.
