BTC bulls eye for the $100,000 milestone, according to the Bitcoin Price Forecast

At the beginning of the previous week, the price of bitcoin surpassed its 200-day Exponential Moving Average (EMA) at $85,000, and it continued to rise by 11.14% till Friday. But Bitcoin was unable to close higher than its high point in March, which was $95,000, and it had a little fall over the weekend. Bitcoin (BTC) experienced a modest increase on Monday and retested the $95,000 mark. At the time of this writing on Tuesday, it is settling below this level and becoming more stable.

On a daily basis, if Bitcoin (BTC) breaks and closes above $95,000, it has the potential to extend the rally to retest its next daily resistance level, which is located at $97,000. It is possible that more gains might be extended to retest the psychological resistance level of $100,000 if this level is successfully closed up above.

After being rejected near its overbought level of 70 on Saturday, the Relative Strength Index (RSI) on the daily chart remains at 67. This indicates that bullish momentum is beginning to fade. However, taking into consideration the current state of the market and the growing demand from both corporations and institutions, it is possible that this is a temporary halt or consolidation before the next leg of the upward trend.

On the other hand, if Bitcoin is unable to close above the $95,000 resistance level and experiences a pullback, it may continue its downward trend until it reaches the psychological significance level of $90,000.

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