Bitcoin Blasts Past $77k, Eyes New Target Amid Strong Momentum
Bitcoin has surged past $77,000 to set a new three-month high, after climbing 10% in just one day. This significant price increase comes as Bitcoin prices have been on the rise over the past five days, accumulating a gain of around 22%. The recent expansion of the US government bond buyback limit and the passing of the Crypto Asset Regulations have contributed to this upward trend.
According to CoinMarketCap data, the current Market Sentiment Index stands at 71, indicating that the market has entered a state of greed. However, technicals show strong price-volume concurrence, establishing a medium-term upward channel. As long as the macroeconomic easing framework and spot ETF buying remain unchanged, Bitcoin is likely to continue its momentum and challenge $82,000.
Despite this optimism, investors should be aware that short seller pushback around the $80,000 psychological level could trigger a brief, sharp pullback. This marks the highest point of the rebound following this year's sell-off and lies near the 0.382 Fibonacci resistance level.