$BTC #SwingTradingStrategy Bitcoin Price Forecast: Will BTC head towards its highs?

Bitcoin price reached a low of $98,200 on Sunday but recovered sharply by 5% over the next two days, closing above its 50-day Exponential Moving Average at $103,352. At the time of writing on Wednesday, it continues to trade higher at around $106,500.

If BTC continues its upward trend, it could extend the rally toward its May 22 all-time high at $111,980.

The Relative Strength Index (RSI) on the daily chart reads 54, above its neutral level of 50, indicating bullish momentum. The Moving Average Convergence Divergence (MACD) is hinting at a bullish crossover (the MACD line is close to crossing above the signal line), which, if completed, would give a buy signal.

However, if BTC faces a correction and closes below the 50-day EMA at $103,352, it could extend the decline to retest its Sunday low of $98,200.

BTC/USDT daily chart