Bitcoin price settles at $22.4K as daily RSI retraces 2023 bull run

What was the peak price of Bitcoin during the 2023 bull run?

Bitcoin Price Settles At $22.4K as Daily RSI Retraces 2023 Bull Run

Bitcoin price has settled at around $22.4K after making another surge of nearly 500% in the run up to the New Year. The rally has been brought about by a combination of institutional adoption and individual investors speculating that the currency’s recent all-time highs may soon be surpassed.

The digital currency’s daily relative strength index (RSI) suggests that it is currently retracing after rising in tandem with a 2023 bull run.

Factors Driving the Surge

There are a number of factors that have helped contribute to Bitcoin’s surge. These include:

• Institutional Adoption: Major institutions such as PayPal, Square, and Oracle have all added Ethereum and other cryptocurrencies to their portfolio offerings, which has attracted more institutional investors to the asset class.
• Retail Investment: Individuals with an interest in cryptocurrencies have been buying in as Bitcoin’s price continues to climb, with many hoping for a much larger surge.
• Expectations of More Uptrends: Analysts are increasingly expecting further uptrends as the currency breaks new ground.

Is The Surge Sustainable?

The recent surge can be attributed to large inflows of capital and understanding of the technology. However, it is uncertain whether this current surge is sustainable.

It is possible the current rally will eventually run its course and pull back when investors realize the asset is overvalued. In the short-term, this could mean a decrease in Bitcoin’s price.

In the long term, however, institutional and retail investors may continue to buy in as more adoption takes place and an expectation builds of a larger bull run.

Conclusion

In conclusion, Bitcoin’s current price of $22.4K is being driven by institutional adoption and individual speculation. The daily RSI suggests it is currently retracing after a 2023 bull-run. It is uncertain whether the current surge is sustainable, but in the long-term, expectations are that prices may continue to climb.

How has the daily Relative Strength Index (RSI) recently impacted Bitcoin’s bull run?

The digital asset industry is a-buzz as the ripples of Bitcoin’s historic bull run in 2021 continue to reverberate through the space. On Tuesday, the largest cryptocurrency by market cap finally tipped over the $22,000 mark, settling at an all-time high of $22,360.

It has been a dizzying ascent for Bitcoin, which only a year ago was languishing at around $7000. This meteoric rise has been fueled in part by institutional adoption and investors’ newfound appetite for risk. After a brief correction that saw Bitcoin’s price dip below $20,000, the flagship cryptocurrency has broken through the psychological resistance and crossed the five-figure mark once more.

According to analysts, the daily Relative Strength Index (RSI) has now reached a key level, hinting at a possible retracement of the bullish run. The daily RSI has stabilized around the 70 mark and is expected to correct back to around the neutral 50 level in the near future.

The market is optimistic about Bitcoin’s prospects as it continues to gain favour from institutional investors who are increasingly adapting to the digital asset ecosystem. With the performance of other cryptocurrencies temporarily lagging behind, investors are flocking to Bitcoin to maximize their returns.

The bullish momentum that powered Bitcoin to unprecedented heights has now shifted gears and is transitioning into a more tranquil yet bullish phase. As the daily RSI corrects back to the mid-point and Bitcoin settles at $22,400, the market will watch closely for an indication of whether the bullish narrative has indeed ended or is simply taking a breath of fresh air before powering to further highs.