Bitcoin, the leading cryptocurrency, has experienced significant growth this year, more than doubling in value. It reached $92,104 recently, with a peak of $94,078 noted at the end of the previous trading session.
Cryptocurrencies have soared since the Nov. 5 U.S. election as traders bet President-elect Trump's promised support for digital assets would lead to a less restrictive regulatory regime and inject some life back into bitcoin after a listless few months.
According to data aggregator CoinGecko, the global cryptocurrency market has surged to a record value exceeding $3 trillion, driven by significant buying pressure for bitcoin. Chris Weston, head of research at Pepperstone, suggests that this momentum could attract more investors looking to capitalize on strong market performance.
A relative Strength Index (RSI) of 74 indicates that Bitcoin (BTC) has been overbought, suggesting caution against increasing long positions. It notes that if Bitcoin closes above $92,625, it could potentially rise to $100,000.
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