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The Bitcoin price has climbed 1.2% in the last 24 hours to trade at $96,842 as of 9:05 p.m. EST on a 21% jump in trading volume to $74 billion.
Bitcoin Price Continues The Uptrend Along The Parabolic Curve
Bitcoin price action on the daily chart shows a strong bullish momentum, highlighted by a parabolic curve that began in late October. This curve reflects rapid price acceleration, a hallmark of intense buying activity during bull runs.
Currently, Bitcoin is trading at $96,410, with an intraday high of $97,351. The next significant resistance lies at the $100,000 psychological level, a critical area that could trigger profit-taking or a temporary reversal if buyers fail to maintain momentum.
BTCUSD Analysis Source: Tradingview
A golden cross is present on the chart, with the 50-day moving average ($78,924) crossing above the 200-day moving average ($66,876) in late October. This is a historically bullish signal, indicating the potential for further upside.
The steep upward slope of the 50-day moving average confirms strong short-term bullish momentum, while the 200-day moving average acts as strong long-term support. These moving averages also create active zones for price support if Bitcoin faces a pullback.
A major support zone between $50,000 and $55,000 is clearly defined. This level served as a base of consolidation before the recent breakout and represents a critical safety net in case of significant price corrections. Losing this zone would signal a shift in market sentiment and could lead to a more pronounced bearish phase.
The RSI (Relative Strength Index) is currently at 73.14, which places Bitcoin price in the overbought territory. This indicates strong bullish momentum but also raises concerns about potential exhaustion in the short term. If the RSI begins to decline while Bitcoin price continues to rise, this bearish divergence would suggest a weakening trend and potential reversal.
Bitcoin Price Analysis: Can BTC Reach $100k?
In a bullish scenario, Bitcoin could sustain its parabolic curve and break above $100,000, potentially leading to further upside. However, buyers must maintain momentum and increase trading volumes for this to happen.
Failure to clear the $100,000 level could lead to a pullback, with the first support zone between $78,000 and $80,000, followed by the 200-day moving average.
In a bearish scenario, if Bitcoin fails to hold above the $78,000 – $80,000 region, it could test the 200-day moving average or even drop back to the $50,000 – $55,000 support zone. Such a correction would shift sentiment and could lead to more extended consolidation.
Given the RSI’s overbought conditions, traders should exercise caution. Those looking to enter new positions may consider waiting for a pullback to key support levels or for confirmation of a breakout above $100,000 with high volume.
Crypto All-Stars Blasts Past $7 Million – Last Chance To Buy
As Bitcoin price traders target the $100k mark, investors are also rushing to buy Crypto All-Stars (STARS), a meme coin that has already raised over $7.1 million in presale as it heads for launch in just 20 days.
Popular crypto YouTuber ClayBro, who has over 132k subscribers, recommends taking full advantage of the meme coin supercycle with Crypto All-Stars.
Crypto All-Stars is one of the standout ICOs to emerge in the second half of this year, quickly capturing the crypto community’s attention thanks to its innovative new staking platform, MemeVault.
This unique platform allows users to stake multiple meme coins in one place, making it the first staking smart contract of its kind.
Unlike traditional staking contracts that only support a single cryptocurrency, MemeVault supports a wide range of meme coins, including Dogecoin, Pepe, Floki, Shiba Inu, Coq Inu, Brett, Turbo, Milady, Toshi, Mog Coin, and Bonk.
👾CANT STOP! WONT STOP!👾
Crypto All-Stars is on fire! We just passed the big 7M milestone and the future is looking big and bright for the All-Stars.
Get in the presale before it’s too late here: https://t.co/sn2wtEYopZ pic.twitter.com/zuSdvOEVwW
— Crypto All-Stars (@all_stars_coin) November 30, 2024
This is just the beginning, as MemeVault plans to add more tokens in the months ahead, positioning STARS as the central hub for meme coin staking.
Token holders can also stake STARS for a substantial 296% annual return.
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