Bitcoin’s price action is showing promising signs of a potential bullish reversal, according to crypto analyst Rekt Capital. The leading cryptocurrency has maintained a tight trading range between $93,000 and $98,000 despite recent market uncertainties.
Technical Analysis Points to Possible Uptrend
BTC’s relative strength index (RSI) has formed a higher low on the daily chart. This creates a bullish divergence pattern. The price continues to make lower lows while momentum indicators show increasing strength. Such patterns often precede significant price movements.
Key Price Levels to Watch
The critical resistance sits at $97,700. BTC needs a daily close above this level to confirm bullish momentum. Support remains strong at $93,000. The 100-day EMA at $93,500 serves as another crucial support level.
Market Challenges and Opportunities
Several factors affect Bitcoin’s current price action:
- Proposed trade tariffs by the US administration
- Federal Reserve’s hawkish stance
- Stock market volatility from China’s AI developments
- CME gap at $76,000 level
Expert Perspectives
While some analysts remain cautious, citing the possibility of a drop to the 200 EMA at $86,000, Bitwise executives view the current market as a “generational opportunity.” The mixed sentiment reflects the market’s pivotal position.
Advertisement
Ready to trade Bitcoin’s next move? Trade with up to 100x leverage on Defx’s advanced trading platform.
Bitcoin currently trades at $96,168, showing a 1.3% increase in the last 24 hours. The potential break above $100,000 could trigger a new wave of institutional interest.
Tags: Bitcoin, Technical Analysis, Market Analysis, Cryptocurrency Trading, Price Prediction
Source: NewsBTC