Bitcoin price has made another record high today, and traders are eyeing the 30K price level. The fact that the Bitcoin price is still moving higher despite all the negative headlines about cryptocurrency and how the regulatory scrutiny can increase in 2021 is a further assurance to Bitcoin lovers that the price is likely to remain resilient in all negative headlines. The cryptocurrency, which has crippled over the last few days, is Ripple's XRP, which fell to March day before yesterday on the back of the SEC news. The Ripple's XRP coin made a low of 0.18, which is a mammoth drop from its high of 0.78, which it formed only a few weeks back.
There is no denial in terms of technical analysis saying that the Bitcoin price has gone too far and too fast. All the major indicators are showing that the Bitcoin price is overbought, and a healthy correction is strongly on the card. If and when the correction takes place, it is likely that the price could fall towards the 18K. At the time, all major indicators such as the Relative Strength index should have reverted back to their oversold zones. The Bitcoin price is trading above the 50, 100, and 200-day SMA on the daily time frame, which confirms that the bulls control the price. As long as the price continues to trade above these moving averages, especially the 50-day SMA on the daily time frame, there isn't much worry about this uptrend.
