Market Analysis by MarketPulse (Zain Vawda) covering: SPDR® Gold Shares, Bitcoin US Dollar, Bitcoin. Read MarketPulse (Zain Vawda)'s Market Analysis on Investing.com
prices have continued their impressive run today breaching the 90000 mark for the first time. The world’s largest cryptocurrency is now up around 30% since election day and a 121% YTD as the new generations ‘digital gold’ continues its ascent.
We can see changes in the market by looking at the difference between profits and losses. Right now, the market is mostly about profits, with profits being about 47 times bigger than losses. This shows that there are very few people holding Bitcoin at a loss as the market climbs to a new all-time high. Could we see a surge in profit taking that could scupper the rally?The US President Elect Donald Trump is already making moves ahead of assuming office on the 20 January 2025.
The downside at least leave something to look at. BTC/USD is trading in overbought territory with the RSI currently in the mid 80’s. Now of course we know that just because the RSI is in overbought territory it does not mean that a sell is imminent but worth paying attention to.
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