The $80,000 Barrier For $BTC : Is Bitcoin Ready To Go Up. Is It Tired?
Bitcoin is now very close to the $79,800 level. This is making everyone very nervous. Everyone is waiting for Bitcoin to reach $80,000.. In the past these big round numbers have stopped Bitcoin from going up. There is a fight between big investors who want to buy Bitcoin and small investors who want to sell Bitcoin for a profit.
Bitcoin has done well so far.. The number of people buying Bitcoin on this recent increase is a little lower than the last time Bitcoin went up. This means we might see Bitcoin go down a lot to get rid of people who have borrowed much money to buy Bitcoin. After that Bitcoin might be able to go up above $80,000.
Current Market Situation:
* Support Zone: $76,400 is the price that Bitcoin should stay above. If Bitcoin stays above this price then it is possible for Bitcoin to keep going up.
* The RSI Factor: On the chart Bitcoin is getting close to being overbought.
* Sentiment: People are feeling good about Bitcoin. They think Bitcoin will go back down to the $77,000 range first.
My Opinion: Do not buy Bitcoin just because it is close, to $80,000. Wait until Bitcoin closes above $80,500 on a chart. This will confirm that Bitcoin is ready to go to $92,000.
Are you going to buy Bitcoin when it breaks out above $80,000 or are you going to wait for the price to go down? Let me know what you think you will do.