Bitcoin Prediction: Is A New ATH In The Cards As THESE Data Sets Say?

Key Insights:

• Weekly MACD bullish cross happened while BTC consistently formed higher highs and higher lows.
• BTC needs to reclaim $106.6K for a new ATH with nearly 31K BTC being bought making it a major resistance level.
• BTC traded in overbought territory, as per the daily RSI; a potential signal for short-term caution.

Bitcoin (BTC) prediction suggested a potential new ATH for the king of crypto with the MACD, liquidity levels and RSI affirming this bias.

Bitcoin Prediction

An analysis of Bitcoin prediction showed it was trying to go past $110K after a failed attempt on Sunday suggesting that the move was a possible “scam pump.”

Despite this event, BTC still created higher highs and higher lows in every month from 2023. According to the analysis, seeing a descending wedge preceded strong increases. The wedge breakout in April caused the rise to $110K.

While the ETF was down this week, the weekly MACD turned upward, with its MACD line crossing the signal, which was confirmed by the rising histogram bars. This was seen as a turning point for the price moving up.

If BTC crosses $110,000 and maintains the gain, the next milestone for it could be around $125K–$130K.

Should the resistance keep BTC down, it could test the $96,000 level or $86,000 from when BTC previously ranged within less volatile price areas.

As BTC fluctuated a lot over the last week, the positive outlook suggested BTC could set a new record high in June if its momentum continued to gain strength.

BTC Liquidity

Bitcoin could be set for a new all-time high whenever it hits $106.6K. Thus far, sellers and buyers were battling at nearly 31K BTC and the level was a major resistance.

Afterward, there was no large group of supply until the price reached a new all-time high. If stocks in the US strengthen, BTC might hit an all-time high this month.

The Glassnode heatmap revealed that most of the BTC in circulation was concentrated at $102.5K, $103.5K, and especially at $106.6K, with the largest accumulation there totaling around 31K BTC.

If the price changes its course and broke over the resistance, it would most likely move towards the previous ATH since the supply in the $107K–$110K area was not concentrated.

Yet, if trade resumed on the bearish side, $103K and even $101.5K could come into play, as buyers stepped up before. BTC needed to go over $106.6K and absorb that amount to generate quick bullish flexibility.

Meanwhile, when sellers dominate, overstretched long positions might be forced out at the area of support.

All in all, claiming significant levels would benefit the long-term outlook and prepare for a possible positive breakout next month.

BTC’s Daily Relative Strength Index

Moreover, overbought conditions appeared in Bitcoin’s RSI-14 daily chart as it breached the 70 mark.

Many times, once such levels were reached, the market followed by pulling back or pausing, as it did in November and December last year.

Throughout these periods, the price began to drop following a steep rally, but the trend remained positive.

This surge of RSI in May, along with the price rise, showed that the market was moving quickly, but might be getting tired.

If the RSI remained abnormally high, Bitcoin may start consolidating before beginning to rise again.

If the 70 level is broken on the downside, it might attract more traders to sell, leading to additional corrections.

Still, when a bull market is strong, overbought RSI could continue for several weeks, and the price may still increase after small drops. It sounded a warning but did not automatically signal a change of trend.

Changes in the market could be influenced by key trends, increased ETF investments or the general mood of investors.

Although a drop could happen, the main trend would be valid if the major support was defended.