As bitcoin races towards $100K, it's still well off historically overbought levels

Cryptocurrencies have been on fire since Donald Trump won the White House, amid investor expectations that the 47th President's administration will embrace the sector. Bitcoin ( BTC-USD ), the world's largest cryptocurrency, has rocketed since Trump's election win, and is now closing in on the long-speculated $100K mark. On Wednesday, bitcoin ( BTC-USD ) topped $93K, but has since retraced a bit to $92.5K. Bitcoin's ( BTC-USD ) initial surge happened on election night on November 5. As Trump built his lead in electoral votes against Democratic opponent Vice President Kamala Harris, the crypto smashed past the $75K mark for the first time. It has sustained an upward trajectory since. Trump embraced crypto as part of his election campaign - a marked departure from President Joe Biden's current government which has cracked down on the sector. Trump has vowed to turn the U.S. into the "crypto capital of the planet and the bitcoin superpower of the world." This year, he became the first-ever major U.S. party nominee to accept donations in bitcoin ( BTC-USD ) and other crypto assets. Since November 5 - Election Day - bitcoin ( BTC-USD ) has advanced a whopping 36.6% . During this move, its technical relative strength index indicator has also popped up into overbought territory, which may have caused alarm bells to ring for some. As of Wednesday, the RSI on bitcoin ( BTC-USD ) stands at 84.86 which is well above the 70 level that traditionally marks an instrument to be overbought, but high RSI levels for bitcoin ( BTC-USD ) have happened many times before. Back in March 2021, the RSI pushed up to 93.06, while in December 2017, it touched 96.56. Other notable periods were August 2017, when the RSI hit 95.62, and November 2013, when it tagged 95.66. For bitcoin ( BTC-USD ) to hit the six figure target of 100K, the crypto asset would need to rise another 7.8% from its current level. For investors focusing their attention on bitcoin ( BTC-USD ), they can also monitor a group of bitcoin backed exchange-traded funds that aim to mirror the price action of the cryptocurrency for further exposure. Bitcoin-Backed ETFs: ( IBIT ), ( ARKB ), ( GBTC ), ( BRRR ), ( BTCO ), ( HODL ), ( BTCW ), ( FBTC ), ( BITB ), and ( EZBC ). Also, for investors looking to track the political landscape, here are some Republican and Democratic driven exchange-traded funds to monitor: God Bless America ETF ( YALL ) American Conservative Values ETF ( ACVF ) Point Bridge America First ETF ( MAGA ) Democratic Large Cap Core ETF ( DEMZ ) Unusual Whales Subversive Democratic ETF ( NANC ) Unusual Whales Subversive Republican ETF ( KRUZ ) More on Bitcoin Becoming A Bitcoiner: Buying At All-Time Highs Bitcoin Price Surge Driven By Strategic Reserve Accumulation Updating My Bitcoin Bull Case For A Trump Administration Bitcoin nears $90,000, ETFs see record inflows as institutional demand swells Bitcoin hits another record high as post-election crypto rally gains momentum