- Bitcoin surpassed $111k, becoming the sixth-largest global asset by market value
- RSI signaled bullish momentum, but overbought levels raise the risk of a price correction
Bitcoin [BTC] is in the news today after it surged past a historic milestone, breaching the $110k barrier to trade at $111,056.55 at press time. In doing so, it marked a 3.65% hike over the last 24 hours, according to CoinMarketCap.
This rally cemented its position as the world’s sixth-largest asset, trailing only behind tech giants like Microsoft, NVIDIA, Apple, Amazon, and gold.
Saylor pushes people to buy Bitcoin
As expected, this rally precipitated reactions from prominent advocates like Michael Saylor, founder of Strategy (formerly MicroStrategy), who celebrated the achievement on X. He said,
“If you’re not buying bitcoin at the all-time high, you’re leaving money on the table.”
Others like Adam Livingston echoed Saylor’s sentiments.
Source: Adam Livingston/X
Not everyone shares the same viewpoint
Saylor’s own remarks drew some diverse reactions though.
For instance, Adaora Favour Nwankwo added,
“Saylor pls!!! Leaving which money on which Table exactly? Buy All Time high and get rekt.”
Where is Bitcoin actually heading?
On the price charts, the technical indicators seemed to be signaling strong bullish momentum, with the Relative Strength Index (RSI) positioned well above the neutral 50-level.
While this confirmed upward pressure, the RSI’s presence in the overbought territory has sparked caution among traders.
In fact, concerns are mounting over the potential for a trend reversal. Especially as overbought conditions often precede a hike in selling activity that could shift market control from buyers to sellers.
Source: Trading View
A closer look at IntoTheBlock data showed that 100% of Bitcoin holders are currently “in the money,” meaning their holdings are valued above their original purchase price.
With no visible share of investors “out of the money,” this data hinted at an overwhelmingly profitable market position.
Source: IntoTheBlock
On the contrary, such uniform profitability could also allude to market saturation and the greater likelihood of profit-taking. This may introduce short-term bearish pressure or trigger a potential correction in Bitcoin’s price trajectory.
