Bitcoin prices rose to an all-time high today, surpassing the previous zenith, and rising to nearly $67,000.
According to CoinDesk data, the world’s most popular digital currency has reached $66,974.77 today.
The cryptocurrency has maintained almost all its gains since then, trading at $66,000, a new high. CoinDesk additional figures reveal that the cryptocurrency traded north of $66,000 after reaching its new high.
Some market analysts voice concerns about bitcoin being too expensive, pointing out technical indicators such as the Relative Strength Index(RSI).
The RSI is a measure of the asset’s current price changes and how much it is overbought/oversold.
A value of 30 or lower for this indicator indicates oversold conditions. However, a value greater than 70 suggests that an asset is too expensive and could be heading for a shift in trend.
[Ed Note: Investing cryptocoins and tokens is highly risky as the market is not regulated. It is possible to lose all of your investment.
Omkar Godbole, CoinDesk’s reporter, spoke out in an article published today. He stated that:
‘The daily RSI signals overbought conditions. A temporary pullback is possible, however.
This situation was commented upon by Nick Mancini, research analyst at Crypto Sentiment Data Provider Trade the Chain.
“There are several indicators that indicate that BTC may be in ‘overbought territory’, but they have been oversold for most of October.”
He stressed investor sentiment and market dynamics, giving a bullish view.
“We see potential resistance to Bitcoin at $68,000. But as long as traders remain bullish and trade volumes continue to rise, we expect Bitcoin will climb at least a few percentage point higher for this move.
Brett Sifling is an investment advisor at Gerber Kawasaki Wealth & Investment Management. He also talked about the optimistic mindset of investors.
He stated that the short-term market sentiment was very bullish due to the fact that we have just broken all-time highs.
Armando Aguilar is vice president of Digital Assets Strategy at Fundstrat Global Advisors. He stated that crypto markets are currently characterized as ‘extreme greed’.
He pointed out that the RSI of 90+ seems to be consistent with other BTC tops.
Aguilar also discussed bullish market dynamics.
He stated that ‘the capital inflows to BTC futures, spot BTC buying demand and overall macro conditions remain bullish’.
‘Additionally the visual barrier of a brand new ATH will help to maintain momentum. The October crypto market cap has increased from $1.9T up to $2.6T.
Aguilar stated that he believes there is still plenty of room for BTC to continue running before a temporary pullback occurs.