Bitcoin is making a comeback, surging towards its previous peak of $93,257! Traders are buzzing with excitement.
Bitcoin’s Bullish Run
After a period of calm, Bitcoin’s price is showing strong upward momentum. It’s currently holding above the 100-day moving average (SMA) on the 4-hour chart – a really good sign. It successfully avoided falling below the $85,211 support level, which is also positive. If this keeps up, breaking $93,257 could lead to even higher prices.
The Relative Strength Index (RSI) on the 4-hour chart is also looking good, climbing to 61% after a dip. This shows continued bullish strength and suggests more price increases are possible. The daily chart shows strong upward momentum too, with bullish candlestick patterns and a position well above the 100-day SMA. The daily RSI is even higher at 92%, indicating strong positive movement. However, it’s worth noting that such a high RSI could also mean a correction is possible if buying slows down.
The $93,257 Hurdle
$93,257 is a major resistance level for Bitcoin. If it breaks through, it could signal further price increases. But if it can’t break through, we might see a pullback towards the $85,211 support level, or even lower. A drop below $85,211 could mean more price drops.
