Bitcoin's Sudden Surge to $88K Might Be Short-Lived — Here's Why
Bitcoin (BTC) saw an unexpected jump of more than 2.4% today, briefly pushing its price to $88,000. The move came during the Easter Sunday weekend, catching many traders off guard. While the sudden rally shifted market sentiment from caution to excitement — with some now calling it the "last chance to buy" before Bitcoin hits $100,000 or even $200,000 as predicted by Robert Kiyosaki — the optimism may be premature.
Despite the bullish mood, several signs suggest the rally could be running out of steam. Three technical factors, in particular, raise red flags.
1. Rejection at the 200-Day Moving Average
Bitcoin's price hit the 200-day moving average on the daily chart — a key technical indicator often seen as a major support or resistance level. The last time BTC encountered this line, it broke through in March but was rejected in early April. Today’s move mirrors that pattern, with Bitcoin once again failing to break above the average.
2. Bollinger Bands Signal Overbought Conditions
Another technical warning comes from the Bollinger Bands indicator. The upper band currently aligns with the 200-day moving average, and Bitcoin has now tapped this level — typically a sign of an overbought market. This suggests that further upward momentum might be limited in the short term.
3. RSI Hits Weekly Resistance
On the weekly chart, Bitcoin’s Relative Strength Index (RSI) has reached a long-standing trendline resistance. This same resistance played a key role during a bearish divergence back in September 2024. At that time, BTC eventually broke above it, but now, it has merely touched the level without a breakout — another potential sign of weakness.
Adding to the market hype are headlines about gold reaching an all-time high and speculation that Bitcoin could soon follow suit.
While the mood has clearly shifted toward greed, this may also be the ideal setup for a sharp sell-off.
