- Bitcoin rebounds strongly, nearing key resistance at $94,300 amid renewed bullish momentum.
- Analyst targets Bitcoin’s long-term equilibrium near $99,400 as market structure holds firm.
- Traders remain cautious as BTC’s recovery faces volatility and critical resistance tests.
Bitcoin is back in green territory after a volatile week, wherein its price dropped below $80K. The cryptocurrency remains on an upward trajectory, which brings the market nearer to important resistance levels. The current trend shows that outstanding Bitcoin is gaining momentum, and traders are waiting to determine whether it will continue rising or fall back again.
Key Levels to Watch
In an X post on Thursday, analyst Titan of Crypto explained that Bitcoin has returned the Tenkan and Kijun lines on the daily chart. The king of crypto is now moving towards the SSB (Senkou Span B) line, long-term range average of around $99,400.
However, before returning to the target, Bitcoin’s price will need to rise above $94,300. Invasion of this barrier would, therefore, affirm the continuation of the bullish trend. The sentiment of Bitcoin’s market remains unchanged, and the recent volatility can be seen as beneficial for traders.
Market Sentiment Improves
Last week, Bitcoin came close to getting into the ‘orange zone,’ a sign of a bear market. However, it closed its weekly candle in the ‘yellow zone,’ which means it is a neutral to bullish market. The analyst also pointed out that Bitcoin has followed this pattern in the current week, supporting the cryptocurrency’s positive move.
Source: Titan of Crypto
The recovery has revived activity in the market as traders and other investors await Bitcoin’s next direction. Although the recent movement is quite positive, some crucial tests are expected to be seen in the coming days to establish the continuation of an upward movement.
Related: Bitcoin Hits $90K: Traders Await Next Move Amid Volatility
The sentiment remains positive, specifically because the BTC price has gone up, and there is a chance for it to rise again. Traders are waiting for Bitcoin to rise, break up through resistance levels, and sustain the trend. As of press time, BTC is trading at $90,949, showing a 0.90% increase over the past day.
The coming days will determine whether this recovery signals the start of a more powerful rally or leads to another correction. Bitcoin’s rebound has relieved investors for now, but the road ahead remains uncertain.
