Bitcoin: a new dawnPrevious two weeks were a bit shaky for the crypto market, as investors were anticipating a changed Fed's mood for interest rate cuts during the course of this year, due to strong jobs market and potential increase in inflation. Still, December figures showed that there is no need for such a fear, so the markets returned into the positive mood. The crypto market gained during the previous week, while BTC managed to get back toward levels above the $100K.
BTC started the previous week by testing the resistance line at $95K. This level was easily crossed, so BTC continued its path toward the $105,5K which was the highest weekly level. The RSI currently moves around the level of 65, leaving some space for a further surge in price, until the clear overbought market side is reached. The moving average of 50 days started a divergence from MA200, indicating that no cross will occur in the future period.
The week of inauguration of the new US President-elect is ahead. The event is scheduled for Monday, January 20th. Considering his strong support to the crypto ecosystem in the pre-election period, it could be expected that the crypto market will continue to be in a positive mood. There is a chance for BTC to reach its ATH level in the week ahead, which was at $107,9K in December last year. Whether the market will be ready to push the price further to the upside is about to be seen. From the perspective of the technical analysis, levels above the $107,9K are treated as uncharted territory, so in this case, BTC will create a new history.