Bitcoin Reclaims $90,000: Is It a Trap or a Bull Run?

Bitcoin's price has surged back above $90,000, sparking questions about the market's next move. Let's dive into the charts to understand what's happening.

Weekly Chart Analysis

The weekly chart shows a strong rebound, potentially marking a huge fake-out/bear trap. This move is driven by short liquidations and the $90,000 key breakout. However, it's too early to confirm a bull market return, as the weekly chart still has four days left.

Daily Chart Analysis

On the daily chart, Bitcoin is sitting at a key zone, with bears potentially defending this area. If Bitcoin shows signs of weakness here, it could form a weekly lower high. The $88,000-$90,000 zone is crucial, and as long as the price holds above this range, the chart looks fine.

Key Takeaways

- Bitcoin's rebound above $90,000 is a significant move.

- The $88,000-$90,000 zone is critical for determining the next trend.

- A drop below this zone could confirm a downside move.

The next update will be on Monday after the weekly close, or if significant changes occur in the market.$BTC