Summary
The Bitcoin price reached a new yearly high of $52,816 but fell slightly. The price broke out from a long-term resistance area, signaling a potential move towards the all-time high price. Technical analysis shows bullish indicators, including the Relative Strength Index (RSI) and Elliott Wave Theory. Analysts expect a short-term correction followed by a significant movement. The influx of inflows from ETFs is seen as a bullish sign. The daily chart also supports a bullish outlook, with a potential breakout towards $55,325. However, a rejection could lead to a 10% drop to $47,000. This article is for informational purposes only and not financial advice.
Key Points
1. The Bitcoin (BTC) price reached a new yearly high of $52,816 but fell slightly today.
2. The price broke out from a long-term horizontal resistance area, indicating a potential move towards the all-time high price.
3. The weekly Relative Strength Index (RSI) gives a bullish reading, suggesting that bulls still have an advantage in the market.