Bitcoin outlook: Surges to new record high above 92K
Bitcoin snowball continues to roll and accelerate, as the price rose further after a brief breather on Tuesday (presented by long-legged daily Doji candle) and hit new record high on probe through round-figure 92K barrier.
Bullish sentiment remains very strong, on post-Trump election victory euphoria, as well as bitcoin tracks rising US dollar (the latest US inflation data added to growing expectations for fewer Fed rate cuts in 2025 than initially estimated).
First daily close above 90K will generate fresh bullish signal, with acceleration of two full figures above this level to strongly boost the signal and bring bitcoin one big step closer to magic 100K target.
Technical picture on daily chart shows overstretched indicators, but this so far does not obstruct bulls, however, limited corrective dips likely to be seen in coming session.
I expect bulls to firmly hold grip in current favorable market conditions, but headwinds to increase as the price nears 100K level, with more profit-taking to be seen at this zone.
Res: 93016; 95029; 98940; 10000
Sup: 91000; 90000; 86282; 85132
Author
Slobodan Drvenica
Windsor Brokers
Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.
