Bitcoin Weekly Momentum Hits Record High as Resistance Converges Overhead

Bitcoin's momentum has surged to its highest level of the year, according to Senior Market Analyst Michael Boutros at StoneX Media. This extreme reading is comparable to when the record high was registered in Bitcoin.

Boutros notes that this reading confirms the strength of the move and places the market at a critical juncture. The last instance of Bitcoin weekly momentum at this reading came when the record high was reached, not on the way to it.

However, Boutros emphasizes that the extreme is not bearish in itself, as 'momentum is still in overbought condition.' He believes that the shift in the momentum profile and price breakouts suggest a more firm low is in place.