Analyst: Bitcoins recent rise is driven by positive trade news and is expected to hit a new high, but the RSI indicator is already in the overbought stage

CoinRank News: Bitcoin is currently about 4.5% below its all-time high of $108,786 in January. Vincent Liu, CIO of Kronos Research, said: Bitcoin is currently hovering near its all-time high, with strong technical momentum supporting its breakthrough of the 50-day and 200-day moving averages. The increasing number of institutional investors and optimistic expectations for the outlook for 2025 indicate that Bitcoin is expected to hit new all-time highs. However, another analyst pointed out that Bitcoins relative strength index (RSI) shows that the cryptocurrency is in overbought territory. BTC Markets analyst Rachael Lucas said: This does not necessarily indicate an immediate market reversal, but it does increase the likelihood of a cooling or sideways movement in the short term. A retest and consolidation above the key psychological level of $100,000 would be a healthy development and could lay the foundation for further gains. Presto research analyst Min Jung said: The recent rise in the cryptocurrency market has been driven by renewed optimism about Sino-US trade negotiations. With Bitcoins dominance reaching levels before the 2021 bull market, we are now experiencing a typical rotation - capital is beginning to flow into altcoins. Presto analysts added that the possibility of Bitcoin breaking through its previous all-time highs may depend on how trade negotiations develop, while other escalating geopolitical tensions remain a key variable. (The Block)