Bitcoin's Surge to $101,787: What's Next?

Last 24 hours we see Bitcoin back to $100,000 price range, now let's see what the chart tell us.

Technical Analysis of Bitcoin (BTC/USDT):

Price Overview:
- Current price: $101,787.73 (+3.66% within 24 hours).
- High: $102,724.38, Low: $98,136.05 (24-hour range).
- Volume (USDT): $2.6 billion, indicating significant trading activity.
Trend Indicators:
- Exponential Moving Averages (EMA):
  - EMA(7): $100,952.52 (short-term support).
  - EMA(25): $98,876.81.
  - EMA(99): $97,288.84 (long-term support).
- The price is trading well above all major EMAs, confirming a strong uptrend.
Volume Analysis:
- Recent candles show a volume surge, reflecting strong buyer momentum.
- Decreasing volume in the last two candles indicates potential buyer exhaustion.
Relative Strength Index (RSI):
- RSI(6): 75.15, suggesting Bitcoin is currently in an overbought zone.
- Overbought conditions could lead to a potential short-term correction.
Candlestick Pattern:
- The chart reflects a bullish momentum, with a notable breakout above $100,000.
- However, the current red candle indicates a slight pullback.
Support and Resistance:
- Immediate support: $100,952 (EMA 7).
- Major support: $97,288 (EMA 99).
- Immediate resistance: $102,724, the 24-hour high.

Conclusion:

Bitcoin is experiencing a strong bullish momentum with prices above $101,000. However, the RSI indicates overbought conditions, and a short-term pullback might occur before further upward movement. Traders should watch for a breakout above $102,724 for confirmation of continued rallying or a breakdown below $100,952 for potential retracement.

However we mustn't forget that President Trump inauguration and Chinese new year is around the corner that can give us a huge price swing.