Bitcoin soared above the $110,000 mark earlier today, triggering a storm of reactions across financial circles and social media. The recent price surge has fueled a heated exchange between cryptocurrency supporters and longtime Bitcoin critic Peter Schiff.
According to Twitter interactions on June 9, Schiff became the target of crypto advocates who claimed Bitcoin was on track to surpass the market cap of gold.
Those who backed Schiff argued that the change was unavoidable and was not within his power to stop. In his defense, the gold advocate asserted that he was not involved in this and found such an occurrence very unlikely due to the increase in gold’s worth.
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The Bitcoin price has recovered after going down to around $105,000 following its peak at the end of April. A surge in the market also happened at the same time that prices bounced off the 26-day exponential moving average.
Buyers pushed Bitcoin to break through the level of the 50-day EMA, currently sitting near $102,000, indicating that some intraday traders positioned for more upside.
Source: Tradingview
Momentum tools are also pointing in the same direction as the advance, with the RSI rising above 60 to show that buying action is picking up. Furthermore, when trading volume goes up in bullish markets, it is indicative of steady demand, as opposed to only short-term fluctuations.
Technical Signals Point to Further Gains Despite Skepticism
Bitcoin is now approaching a critical resistance zone between $112,000 and $113,000. This area saw the highest order activity in May, and may be key to breaking into new record highs. If Bitcoin holds above its 26-EMA and continues trading beyond the 50 and 100-day EMAs, bulls may gain stronger control of the trend.
The 100-day EMA, now near $97,500, acts as key support. Holding this level may reinforce the view that the path of least resistance points upward. Regardless of Schiff’s criticism, the rally is not slowing down, as technical analysis suggests; it is on the rise.
Bitcoin’s recent rally has improved its performance and is causing many people to debate its future online. As long as the price is above key support, traders expect the Bitcoin price to rise to the $113,000 level and reach new heights.
Also Read: Prominent Investor Takes Major Swipe at XRP, Compares it to COVID-19 – Here’s Why
