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Home » Bitcoin climbs 6% and crosses $29,000

Bitcoin climbs 6% and crosses $29,000

Important facts:
  • The RSI is not in the overbought territory, which suggests that Bitcoin could continue to rise in price.

  • This rise would negate analysts’ prediction of a correction towards $25,000.

In the last 24 hours, bitcoin price is up almost 6%. The cryptocurrency has surged from $27,300 to $29,100 at press time.

A possible catalyst for this price increase could be the banking crisis, which is mainly lived in the United States. So believe itfor example Arthur Hayes, co-founder of BitMEX.

In this sudden increase that is noticeable the Relative Strength Index (RSI) is rising in value but has not yet reached the 80 mark, which is often described as “overbought”.. That means BTC would still have a range to continue rising in price.

The RSI accompanies BTC’s rise but does not show an overbought zone. Source: TradingView.

In this case, some analyst forecasts that CriptoNoticias reported earlier this week would be cancelled. They estimated that BTC could fall into the $25,000 area before resuming its bullish course.

In any case, it is important to make it clear that these are only pricing models that are not intended to be irrefutable predictions. We’ll have to wait to see how the price of crypto assets behaves in the coming days.

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