Breaking: Bitcoin Price Reaches $80k, Will BTC Continue To Rally?

Bitcoin breaks a new all-time high of $80000 perceived as ‘Extreme Greed’; a proof of 100% addresses in profit, an indication of a correction. The five wallets with the most BTC have all posted profits as Bitcoin surges past $80K to achieve a new all-time high. BTC open interest is up 4.16%, proving that there is good market participation. Bitcoin fear index touching 78 indicates that an upcoming price correction might occur soon. 

The price has finally broken its record hitting $80, 000 as of November 10 for a cryptocurrency. This upward movement has taken Bitcoin into what most analysts refer to as the price discovery levels where the price of Bitcoin in the future is unpredictable. Nonetheless, market analysts are torn between whether Bitcoin will sustain this level or experience another pullback.

Bitcoin Price Reaches New ATH At $80k

The progression of Bitcoin price to $80,000 has stoked commotion among Bitcoin enthusiasts that came combined with a measure of apprehension. As Ki Young Ju, CEO of CryptoQuant said, all Bitcoin Wallet addresses are now showing profits, and many regard this as a turning point for Bitcoin price. As for Ju, he said the typical occurrence we observe is a correction when these levels are attained, implying that major investors may be likely to cut their profits. However, if this bullish rally persists, BTC price may extend its rally to $100k depending on a bitcoin price prognosis.

The further increase in the Bitcoin price has led to an increase in the Bitcoin Fear and Greed Index to the “Extreme Greed” level, which is 78 now. In the past, the level of market optimism created increased probabilities of a reversal that would drag the price lower over the long term. Experts noted that such high bullish rhymes can have negative impacts with selling pressure possible to come to the market with many investors seeking profit after copious earnings. 

Open Interest Signal Strong Market Activity

This has been charaterized by rising trading volumes and open interest in Bitcoin futures as well as the recent price rise. Statistics show that trading has increased to $78.12 billion, or by 33.31%, were found, which is an indication of increased interest and trading as well. Total Open Interest which is the aggregate of all outstanding derivative contracts has also risen by 4.16% to $ 48.78 billion. This high level of trading coupled, with expansion in the open interest orifice is a clear indication of new money coming into the market. 

Luckily most of the traders interpret this is as bullish for the current direction, which is further compounded by the fact that there is a steady stream of money flowing into supporting the price of Bitcoin as it rises. However, some analysts believe that high volume coupled with high open interest is also a signal indicating a high-risk level because larger traders can take advantage of existing trends and make their moves.

Will BTC Price Keep on Rising?

While the BTC price celebrates a milestone achievement and approaches $80, 000 several levels have caught the eyes of technical analysts. It seems that the first level of support has just shifted around the $,75000 to the $,76000 mark, which was the recent resistance level that was breached to usher in the current leg of bullishness. If in future the price of Bitcoin declines in a retracement, this level can be used to form the base of a bounce. More overseeing can be spotted around $ 70,000 to $ 72,000, which has been the area in which BTC has spent longer periods in subsequent trading sessions.

On the bright side, the $ 80,500 looks like the first significant barrier on the way to growing the profit. If Bitcoin rises above this resistance, more resistance may exist between $82,000-$85,000. The following moving averages are at a level with historical high values and psychological figures that may begin to put pressure on trading towards a sale.

Using indicators in the market we may be closely approaching the overbought position as far as Bitcoin is concerned. ADX is 33.14 hence confirming the upward trend of the market. In general, when ADX moves above 25, it means the trend is healthy, and at the current level, there’s significant strength in Bitcoin price direction.

However, it’s in the Money Flow Index (MFI) which stands at 71.03 which is very close to overbought. The MFI above 80 is considered to signal ‘overbought,’ and that means that the short term correction or consolidation might soon follow. This is why some of the analysts are predicting that Bitcoin might undergo a correction or trading range if there is a slowdown in buying.