Bitcoin Surges Back: A Swift Recovery from $90,000

Bitcoin managed to immediately recover after briefly touch $90,000 to now $97,000. What a crazy movement of price. Let's see what the chart say.

Technical Analysis:

1. EMA Levels:

   • EMA(7): $95,940.80
   • EMA(25): $94,986.81
   • EMA(99): $95,748.59
     Bitcoin is trading above all EMA levels, indicating strong bullish momentum in the short to long term.

2. Support and Resistance:

   • Resistance: $97,371 (24h high).
   • Support: $94,346 (24h low), with a recent recovery from a significant dip to $89,256.

3. RSI:

   • RSI(6) is at 73.89, entering the overbought zone. This suggests potential resistance at higher levels but also confirms strong buying pressure.

4. Volume:

   • Increased trading volume during the recovery phase signals high market participation and confidence in the upward trend.

5. Moving Averages:

   • MA(5) and MA(10) are rising, signaling upward momentum. The price breaking past these levels further validates the bullish trend.

Conclusion:

Bitcoin has demonstrated a strong recovery from $90K to over $96K, breaking key resistance levels and sustaining momentum. However, overbought conditions could lead to short-term consolidation or minor pullbacks.