Bitcoin (BTC) has recovered well from its April lows of about $76,000, and it is currently trading at about $94,000. Increased institutional interest, positive regulatory changes, and macroeconomic variables like a sinking US currency and collapsing stock markets all contribute to this rising momentum.
It's crucial to remember that Bitcoin's success following the 2024 halving has been the weakest compared to earlier cycles, increasing by just 43.4%. This raises questions regarding the waning influence of halving occurrences of price spikes.
Technical signs indicate that a push toward $100,000 may be possible if Bitcoin can overcome the $88,800 resistance level. On the other hand, a bearish downturn can occur if support around $85,000 is not maintained.
Do you think Bitcoin is preparing for a bearish reversal or a bullish breakout at its current price of $94K? Give your thought?
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