Bitcoin's price has risen following Howard Lutnick's nomination, a known cryptocurrency advocate, as the US Secretary of Commerce. The markets reacted positively, pushing the cryptocurrency's value upward.
Bitcoin Price Surge
In the last 24 hours, Bitcoin's price edged up a fraction of a percent to $91,919 on trading platforms, despite a 2% drop in trading volume to $75 billion. This reflects the reaction to Howard Lutnick's nomination, who has been a vocal supporter of Bitcoin.
Current Situation Analysis
Bitcoin reached a new all-time high of $94,022, breaking above the $65,100 mark. The surge stems from a 'Head and Shoulders' pattern, indicating bullish trends. The price remains above the 50-day and 200-day moving averages, with the Relative Strength Index (RSI) in the overbought zone, hinting at a potential upcoming correction.
Forecasts and Market
Analysts foresee Bitcoin's continued ascent, possibly surpassing $94,040 towards a $100,000 target. However, the overbought conditions may trigger a short-term setback. Concurrently, some investors are turning to the FreeDum Fighters ($DUM) meme coin for potential opportunities.
The Bitcoin scenario remains dynamic, with Lutnick's nomination driving significant interest. The market forecasts suggest potential growth alongside short-term corrections, presenting an intriguing milieu for participants.
