{"id":602704,"date":"2024-11-22T16:08:05","date_gmt":"2024-11-22T16:08:05","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=602704"},"modified":"2024-11-22T16:08:05","modified_gmt":"2024-11-22T16:08:05","slug":"bitcoin-price-analysis-as-btc-closes-on-100k-mstr-plunges-15-and-crypto-all-stars-blasts-past-5-million","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-analysis-as-btc-closes-on-100k-mstr-plunges-15-and-crypto-all-stars-blasts-past-5-million","title":{"rendered":"Bitcoin Price Analysis As BTC Closes on $100K, MSTR Plunges 15%, And Crypto All-Stars Blasts Past $5 Million"},"content":{"rendered":"

The Bitcoin price edged up 1% in the last 24 hours to trade at $99,215 as of 02:42 a.m. EST on trading volume that surged 12% to $113.7 billion.<\/span><\/p>\n

This comes after Bitcoin hit a new all-time high of $99,486, with technical indicators showing a possible continuation of the rally to cross the $100,000 mark.<\/span><\/p>\n

Despite the rally, MicroStrategy Inc shares (MSTR) tumbled 15% to $397 after Citron Research said that it’s betting against the software company because it is overvalued.<\/span><\/p>\n

Bitcoin Price To Sustain Its Current Upward Trend<\/h2>\n

The Bitcoin price has been on a sustained uptrend, with higher lows and higher highs resembling the climbing of a mountain. According to data from <\/span>GeckoTerminal<\/span><\/a>, the support levels around $60,000 and $70,000 have allowed the price of Bitcoin to trend within the rising channel pattern.<\/span><\/p>\n

BTC now trades well above the 50-day and 200-day Simple Moving Averages (SMAs), supporting the bullish outlook of the price. The 50-day SMA crossed above the 200-day SMA around $65,000, forming a golden cross within this level, which further supports the bullish sentiment.<\/span><\/p>\n

The Relative Strength Index (RSI) has also crossed above the 70-overbought region, currently at 71, which is an indication that the asset is currently under intense buying pressure.<\/span><\/p>\n

Moreover, the Moving Average Convergence Divergence (MACD) confirms the bullish stance, as the blue MACD line has now crossed above the orange signal line, which shows a bullish crossover.<\/span><\/p>\n

If the BTC price sustains this momentum, the bulls could propel the token even further, as they target the next possible resistance zone at $105,000.<\/span><\/p>\n

\"Bitcoin
BTCUSD Chart Analysis Source: GeckoTerminal<\/figcaption><\/figure>\n

However, the RSI now shows that BTC is oversold and overextended, a signal of an incoming correction. In this scenario, the price of Bitcoin could plunge, with the 50-day and 200-day SMAs acting as the next possible support levels at $91,764 and $77,235, respectively.<\/span><\/p>\n

As the Bitcoin price soars, investors are also piling into a new meme coin called<\/span> Crypto All-Stars (STARS)<\/span><\/a>, which ClayBro, a popular crypto YouTuber with over 130K subscribers, says could soar 10X after launch.<\/span><\/p>\n