Bitcoin Hits New ATH $94,732; Will It Break $100K Today?

 
Rajpalsinh Parmar
Written By 
Rajpalsinh Parmar
 
Harsh Chauhan
Edited by 
Harsh Chauhan
November 20, 2024

Amid the current bullish run, Bitcoin broke all its previous milestones after creating a new all-time high at $94,732 with a 2.55% hike in the last 24 hours. The confidence in the market and rising institutional investment solidifies the claim that it could sur the psychological mark of $100,000 today. 

MicroStrategy and BlackRock Fuels Rally In Bitcoin

The latest rally in Bitcoin is ed by MicroStrategy’s announcement to pile up their stakes with an additional $2.6 billion purchase. Furthermore, the debut of options for BlackRock’s spot BTC ETF also gained traction in the liquidity of the biggest cryptocurrency. Option derivatives provide easy accessibility to the asset while mitigating the risk of volatility. 

The mainstream adoption of BTC after ing through the doors of Wall Street has boosted confidence in institutional and retail investors. The rally is building hope in the crypto community that it could extend the rally to retest the significant psychological level of $100,000.

However, the Relative Strength Index (RSI) indicator reflects 75, which is above the overbought level of 70. This signals a higher risk of a correction. Traders should perform their trade with caution when adding to their long positions, as the RSI’s move out of the overbought territory could provide a clear sign of a pullback.

Ali, a crypto analyst, suggests that the RSI is quite identical to BTC’s December 2020 chart. If history repeats itself, Bitcoin will easily cross the $100,000 mark.

Also Read: MicroStrategy Upsizes Notes Offering to $2.6B in Bitcoin Buying Spree

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Rajpalsinh Parmar
Written by Rajpalsinh Parmar

Rajpalsinh is a crypto journalist with over three years of experience and is currently working with CryptoNewsZ. Throughout his journey, he has honed skills like content optimization and has developed expertise in blockchain platforms, crypto trading bots, and hackathon news and events. He has also written for TheCryptoTimes, where his ability to simplify complex crypto topics makes his articles accessible to a wide audience. ionate about the ever-evolving crypto space, he stays updated on industry trends to provide well-researched insights. Outside of work, gaming serves as his stress buster, helping him stay focused and refreshed for his next big story. He is always eager to explore new blockchain innovations and their potential impact on the global financial ecosystem.