BITCOIN SURGES ABOVE $90,000 MILESTONE $BTC $BTC
Price surge: Bitcoin breaks above $93,000, posting a 7.2% gain in 24 hours amid high trading volume.
Technicals: RSI is nearing overbought levels (69-78) while MACD confirms bullish momentum; key resistance is near $94,400.
Catalysts: A Federal Reserve liquidity injection, sustained institutional buying via spot ETFs, and a shrinking BTC supply on exchanges are fueling the rally.
Market Overview
Bitcoin is trading around $93,271, a 7.23% increase in 24 hours, after breaking the critical $93,100 resistance level.
Trading volume surged over 42% to $82 billion, confirming strong market participation in the rally.
US spot Bitcoin ETFs saw a fifth straight day of net inflows, adding $58.5 million, with BlackRock’s IBIT contributing $119.66 million.
Bitcoin supply on exchanges has dropped to a multi-year low of 2.19 million BTC, indicating reduced selling pressure.
Technical Analysis & Trading Strategy
Immediate support is now at the previous resistance of $93,100, with the next major upside resistance at $94,381 and a psychological target of $100,000.
The hourly RSI (69-78) nears overbought levels, suggesting potential consolidation, while the MACD confirms strong bullish momentum with a positive crossover.
Short-term EMAs show a bullish formation, with the 7-hour EMA ($92,394) above the 25-hour EMA ($90,417), indicating a well-supported uptrend.
A close above $94,400 could accelerate momentum towards $100,000, but the high RSI warrants caution for short-term profit-taking.
