Bitcoin is up more than 4% in the last 24 hours and is trading above the $91,000 level. Many of the top 10 coins are also on the rise, raising expectations for altcoin season.
The largest cryptocurrency recently found a local bottom and is now showing signs of a return to higher levels. After a period of uncertainty, the market appears ready for a turnaround. The decline that many people feared appears to have bottomed out and is likely to rise. Experts are closely watching key levels as Bitcoin looks set to rise to target new highs.
Bitcoin has been under significant downward pressure, but as the price falls, it has reached a level where market sentiment has shifted. This often indicates a local bottom, a point where prices tend to rise as traders begin to accumulate. Bitcoin’s ability to remain above critical support levels such as $85,000 and $90,000 could explain why the price is still rising.
The potential impact of changes in US policy under former President Donald Trump, who has hinted at eliminating capital gains taxes on cryptocurrencies, could also act as a catalyst for BTC prices. Passage of such a policy could result in capital inflows into Bitcoin and other cryptocurrencies, further fueling market growth in the coming months.
conclusion:
Bitcoin is currently testing resistance near $93,000, with many expecting it to surpass $100,000 in the coming weeks. Bitcoin’s next target is likely to be $100,000, a key psychological level that could trigger further buying interest.
Looking at the technical side of Bitcoin, indicators such as the Relative Strength Index (RSI) indicate that the asset is currently in overbought territory. RSI recently reached an extreme level of 83, similar to the March 2024 level just before the major correction.