94,583 DOLLARS! 🤯 That was the high that Bitcoin hit before pulling back, but don't get scared, because the move is more interesting than ever. The million-dollar question is: Are we ready for the real pump or was it just a warm-up? I'll explain it easily.
Look, BTC is in "squeeze and release" mode but with a strength we haven't seen in a while. It started a tasty rally that took it past $92,000, and even exceeded $94,000. But watch out! The bears (those betting on the downside) got tough near $94,500 and managed to pull it back a bit.
What did Bitcoin do? Well, like the champion it is, it held on to the support of $92,000 as if it were its lifeline. And that's the key detail you need to remember: The support at $92,000 is holding up. 💪
Technically, we are at a crucial moment. The price is consolidating (holding the gains) and there is a well-defined upward trend line with support at $91,500. This is super important because the MACD (a key indicator to see the momentum) is gaining strength in positive territory, and the RSI (which measures whether it is overbought or oversold) is above 50. Translated to our language: The indicators say there is fuel to rise, my people. 🚀
Now, the critical resistance, the barrier we need to break for this to take off, is the $94,000 zone. If we manage a firm close above there, the path clears and we could see Bitcoin testing $95,500 and, if we get ambitious, even $96,500. It would be the green light for a quick rally. 🏃💨
But, if the bears get stubborn and we don't leave behind $94,000, we could see a drop back to $91,500 (the immediate strong support) and even to $90,000. It's the litmus test of the week.
In summary, the energy is on the side of the bulls (those betting on the rise) but they need to prove it by breaking through the $94K wall. The momentum is with us, but the selling pressure is real.
Tell me, do you think the bulls have the strength to take us to $95,500 or will we see a correction back to $90,000? Let me know what you're holding for this play. 👇$BTC
