Bitcoin Reaches $100,000: A Historic Milestone for Digital Currency

Bitcoin has reached $100,000 for the first time, marking a major milestone in the cryptocurrency market. This milestone pushed Bitcoin's market capitalization to $2 trillion and contributed to the overall cryptocurrency market reaching an all-time high of $3.59 trillion. In the context of the psychological price increase in the cryptocurrency space, the market is very expectant that the price of BTC will maintain its upward momentum. In this article, we will understand the potential of this cryptocurrency star to reach this milestone. Bitcoin (BTC) price analysis The price of BTC has surged ~34% in the past 30 days, making November the strongest month of price increase this year. Furthermore, it has recorded a bullish sentiment, highlighting a significant increase in buying pressure. With a trading volume over $100,000, it is valued at approximately $2 trillion.

The relative strength index (RSI) continues to trade in overbought territory on a daily timeframe. This indicates increasing buying pressure for the price of Bitcoin in the cryptocurrency market. The 50/200-day EMA line shows continuous growth in the BTC price chart. This emphasizes that the price may continue to appreciate this week. How high can BTC price increase? If the market continues to support the bullish side, the price of Bitcoin will aim for a high of $110,000 in the near future. Maintaining the price at that level will set the stage for aiming for a high of $120,000. On the other hand, if the bearish side wins over the bullish side, the price of BTC will retest the support level at $90,000. Furthermore, if the bearish side regains momentum, the largest cryptocurrency token could plummet to a lower support level of $80,000.