Bitcoin staged a dramatic recovery, rising above $93K despite a fraught landscape. With global uncertainty rising, BTC’s strength highlights its growing appeal as a hedge or alternative asset.
At the same time, bearish pressure is fading, and technology is showing signs of renewed bullish momentum. The current price action is now testing a key resistance area that could determine whether this rally continues or cools off.
Bitcoin Price Analysis: Daily Chart
In the daily timeframe, BTC broke out of the downward channel that has held the price since October. After a strong jump to the $80K demand area, the stock has regained structure and is now trading just below the major resistance area around $95K. This level coincides with a support-turned-resistance block and now serves as the next major barrier for the bulls.
Both the 100-day and 200-day moving averages are still located above the price, which keeps the long-term pressure intact, but the short-term pressure has turned positive. The RSI is above 60, which confirms the dominance of the buyer, although it also warns of potential exhaustion if it reaches an overbought zone. A daily close above $95K could open the door to a retest of the $100K and $105K resistance levels.
BTC/USDT 4-Hour Chart
The 4H chart shows a clear bullish channel structure, with BTC regularly posting high lows since mid-December. The price is currently heading towards the upper boundary of the channel, which is just above the same resistance area of $93K–$95K seen on the daily chart. This combination may trigger a temporary ban or phase out.
A nearby support level sits around $87K near a few short-term lows. As long as this level exists, buyers always control the structure of the market. A break from the $95K resistance may invite impulse buyers aiming for the $100K psychological level as the next target.
Analyzing Emotions
Futures market data shows that long closings have eased significantly since December’s big sell-off, paving the way for the rally to build on a more stable footing. The foreclosure incident reported in December has dampened the futures market, reducing the likelihood of another flash crash in the near term.
With open interest rates starting to rise and funding rates still relatively neutral, there is room for upside as long as major conditions do not trigger another wave of forced selling. The big question now is whether BTC can maintain momentum amid continued global volatility and potential pressure from traditional markets.
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