Bitcoin has recently experienced a price rebound after a brief dip below $91,000, reaching a high of $97,300 within a day. Currently trading at $96,268.02, the cryptocurrency has seen a 0.81% increase in the past 24 hours but a -2.57% decline over the last seven days. Analysts are optimistic about Bitcoin’s potential for further growth, with indicators suggesting that the market cycle top has not yet been reached.
Google Trends data indicate a spike in search interest for Bitcoin this month, although still below the levels seen in 2021. Analysts believe that this subdued retail participation could indicate room for Bitcoin to grow before reaching a new market top. In addition, market sentiment supports this view, with the 111-day moving average crossing above twice the 350-day moving average, signaling a potential parabolic rally.
Technical indicators also point towards bullish momentum, with Bitcoin breaking above the upper Bollinger Band in mid-November. The Relative Strength Index (RSI) currently stands at 67.22, indicating a strong bullish trend without reaching extreme overbought conditions. This suggests that there is still room for further price increases, with the trend likely to continue rather than reverse.
On-chain data offers further support for positive sentiment around Bitcoin, with over 80% of Bitcoin addresses holding their holdings at a price lower than the current market value. This suggests that most holders are still in profit, with resistance levels in the $96,225 to $98,490 range not heavily concentrated. With minimal activity at the current price and a clear upward trajectory, market conditions seem favorable for continued bullish momentum.
Overall, experts believe that Bitcoin still has significant room to grow before reaching its market cycle top. With retail investor interest on the rise and market trends supporting a potential rally continuation, the cryptocurrency’s current price levels indicate that there could be further upward momentum in the near future. Technical indicators and on-chain data further support this outlook, suggesting that Bitcoin may continue on its upward trajectory in the coming days and weeks.
