In addition to surpassing earlier highs, Bitcoin has reached a critical price level of $92,000, which has strengthened its position in the current bullish cycle.

Bitcoin price hit a new all-time high on Monday, as the world’s largest cryptocurrency continued to gain ground amid a broader market rally.

BTC price reached a high of $92,000 on the Bitstamp exchange, surpassing the previous record of $91,980 set in November 2021. The cryptocurrency was last changing hands at $92,015, up nearly 6% over the past 24 hours.

Bitcoin price now up over 300% in 2023

The latest leg of Bitcoin’s rally began in early January, when the cryptocurrency was trading below the $30,000 level. BTC price has since surged over 300%, fueled by a combination of factors, including easing inflation, anticipation of further Federal Reserve rate cuts and optimism over the reopening of the Chinese economy.

While some analysts had predicted that Bitcoin price could reach $100,000 in 2023, few expected the cryptocurrency to reach this milestone so quickly. However, with BTC price now at $92,000, the prospect of a six-figure price seems more realistic than ever before.

Bitcoin price technical outlook bullish, butRSI showing overbought conditions

From a technical perspective, Bitcoin price is firmly in a bull market, with the recent breakout from a long descending channel adding further weight to the bullish case. The cryptocurrency is also trading above all key moving averages, with the 50-day EMA providing strong support at around $85,000.

However, it is worth noting that the Relative Strength Index (RSI) is currently in overbought territory, which could lead to a short-term correction. In this scenario, Bitcoin price may find support at around $85,000-$87,000, with further declines likely to be limited by the 200-day EMA at around $80,000.

On the upside, Bitcoin price faces immediate resistance at $95,000, followed by the psychological round number of $100,000. A sustained breakout above this level could open the door to a much larger rally, with some analysts predicting that BTC price may eventually reach $200,000 in 2023.

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