Bitcoin Dominates Super Bowl Spotlight: Here’s Why

• Bitcoin ranks 10th among assets, trailing gold, silver, and tech giants.
• Analysts foresee bullish trends but note potential overbought conditions.

Bitcoin is dominating headlines in the crypto community, especially amid the excitement of the Super Bowl festivities in the US. Crypto netizens’ focus is not on the game but has also turned to influential figures showing support for the largest cryptocurrency by market capitalization. Talking of it, Twitter Founder Jack Dorsey spotted a Bitcoin Satoshi shirt at the Super Bowl.

Another surprising development during the Super Bowl was a post by US President Joe Biden, featuring himself with laser-eye emblazoned eyes. While this gesture has been commonly associated with support for Bitcoin by various celebrities and politicians, it turned out to be unrelated to the cryptocurrency. The post was captioned “just like we drew it up,” in reference to the Kansas City Chiefs’ victory over the San Francisco 49ers in the 2024 Super Bowl, adding to the buzz surrounding the event.

In addition to these attention-grabbing moments, Bitcoin’s position in the asset hierarchy has captured the interest of crypto enthusiasts. According to a comprehensive ranking of all assets, including public companies, precious metals, cryptocurrencies, and ETFs, Bitcoin emerged as the 10th largest asset. It trailed behind traditional assets like gold and silver, as well as top tech companies such as Microsoft, Apple, and Amazon.

What Is Bitcoin Bulls Next Move?

Looking ahead, analysts are closely monitoring BTC‘s price movements, which currently suggest a bullish trend. The daily chart indicates a positive trajectory, with the 9-day exponential moving average (EMA) positioned below the trading price at $46,106. However, the daily relative strength index (RSI) signals an overbought condition, standing at 73.

BTC Price Analysis , Source: TradingView

Analysts anticipate that with Bitcoin surpassing $48k, bullish momentum could drive the price to levels between $50k – $55k or potentially even higher, reaching $58k – $64k. However, should bears gain control, the price may decline to $42,743, or potentially lower to $38,556.