Bitcoin (BTC) continues to strengthen after breaking above $50,000 earlier this week and rallying Thursday to a five-month high.
The cryptocurrency was buying and selling round $54,000 at press time and is up 5% over the previous 24 hours. Overbought alerts recommend danger of a pullback, albeit restricted to assist round $50,000-$52,000.
The intermediate-term uptrend has improved over the previous few months, which might preserve patrons energetic towards the all-time excessive close to $64,000.
- The relative power index (RSI) is essentially the most overbought since September, which preceded a correction. However, an identical downturn is unlikely given sturdy upside momentum and a sequence of breakouts on the charts.
- Buyers might want to maintain assist above $48,000-$50,000 in an effort to resume the current rally.
- BTC shouldn’t be but overbought on the weekly chart, which factors to additional upside.
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