Could Bitcoin have a V-shaped upturn?

Bitcoin is quickly gaining momentum as it approaches the $85,000 mark. Before re-testing its all-time high of $109,588 and the $100,000 milestone, the biggest cryptocurrency may face resistance near $90,000.

In the next weeks, Bitcoin may see a V-shaped rebound if its upward momentum continues. That is, unless Bitcoin maintains its resilience and closes the daily candlestick above important resistances, which would turn those levels into support on the price chart.

The relative strength index (RSI) and the moving average convergence divergence (MACD) are two important momentum indicators that lend credence to the idea that Bitcoin is going higher. The MACD is flashing green histogram bars above the neutral line, while the RSI is reading 45 and rising upwards.

Crypto traders are bracing for a response similar to that of past tariff announcements, despite the fact that the market seems to be unsettled ahead of Liberation Day. Since the 2024 election results, Bitcoin has bounced back from four separate flash falls. In light of this, the asset may be able to bounce back after a loss.

As traders become more cautious, these groups bear the brunt of the impact

On Monday, the crypto market took a nosedive, with the worst hits going to AI tokens, meme currencies, and mining tokens. Tokens in the Bittensor ecosystem and those used as aggregators on Dex have fallen in value by 3–5% over the last day.

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