Bitcoin’s (BTC) price has surged by 21.70% over the past seven days, repeatedly reaching new all-time highs. Currently, BTC is roughly 10% below the $100,000 milestone, with the uptrend showing exceptional strength, as indicated by technical markers like the DMI and EMA lines.
With market sentiment shifting into a phase of growing confidence but not yet reaching euphoria, there is still room for growth before potential corrections. However, while momentum remains positive, traders should stay cautious of possible retracements as Bitcoin moves toward this significant milestone.
Bitcoin’s Current Uptrend Is Very Strong
The BTC DMI chart highlights Bitcoin’s strong uptrend. The Average Directional Index (ADX) is currently at 48, signaling significant trend strength. The ADX is a tool that measures how strong a trend is—values above 25 suggest a strong trend and anything above 40 is considered very strong.
A few days ago, the ADX was nearing 60, indicating that the uptrend was even more powerful then.
The Directional Movement Index (+DI and -DI) further clarifies this trend’s direction. With +DI at 30.37, the data indicates a prevailing upward movement, while the -DI at 13.67 suggests weaker selling pressure. This combination shows that buyers currently have a firm upper hand over sellers, reinforcing Bitcoin’s bullish momentum.
The difference between these values supports the overall strength of the current uptrend, suggesting that bullish forces are still dominating the market despite the recent surge.
Bitcoin NUPL Is Still Far From Euphoria
Bitcoin’s NUPL (Net Unrealized Profit/Loss) metric currently sits at 0.62, placing it in the “Belief – Denial” stage. NUPL measures the total unrealized profit or loss of all Bitcoin holders, helping to identify the broader sentiment in the market.
At 0.62, market sentiment has moved from cautious belief to growing confidence but not yet reaching extreme optimism.
Despite being in the “Belief – Denial” stage, the NUPL level is still significantly below 0.7, the threshold for “Euphoria – Greed.” Historically, this next level has marked a period when Bitcoin often faces strong corrections as market sentiment shifts toward unsustainable greed.
With the current NUPL value below this critical threshold, the BTC price can still grow before reaching levels typically associated with overheating.
BTC Price Prediction: Will BTC Reach $100,000 In November?
Bitcoin’s EMA lines are currently showing a very strong bullish setup, with the price sitting above all of them and short-term EMAs positioned above the long-term ones.
This alignment is a classic indicator of a well-supported uptrend, suggesting that momentum is in favor of further gains.
BTC’s price is also just roughly 10% below the historic $100,000 mark, and, given the trend’s current strength and supportive metrics like NUPL, reaching this milestone seems possible in the near future. However, corrections are always possible before a new all-time high is established.
If the trend loses strength, Bitcoin price could face a retracement, potentially testing key support levels at $85,000 and $78,400.
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