Bitcoin is breaking higher and higher. Let's take a look at how it will move.

Technical Analysis:

If you see the graph above, it was overbought around $33K and it went down around $30K then continue raising up.

I foresee the Bitcoin is continue overbought with correction of 10$ up and down.

The support level is around $29K to $31K shown in purple rectangular.

Fundamental Analysis:

From my previous article about valuation calculation from Metcalfe's Law, Bitcoin valuation is stable.

Numbers of Users and Average Transaction Value are increasing but at stable rate.

Average Transaction Value is slightly increase to 223K.

Bitcoin Value = $29,456 ~ $35,987

It seems average transaction value is increasing and there are not sudden sell off in previous event.

Bitcoin is still going strong, but I will be caution at this level.

Thanks for reading my posts!

Disclosure: I/we have no positions in any cryptocurrencies mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. These information are only for educational purposes.