The Rise of Bitcoin: Reclaiming Levels Above $90,000

The cryptocurrency markets have been through a turbulent period recently, with bloodshed across the streets. However, there is a glimmer of hope as Bitcoin rebounds and reclaim levels above $90,000, signaling a bullish trend for the future price action. The lack of clarity on the crypto strategic reserve had raised concerns and kept the price restricted within a range. But a big announcement has changed the game for the BTC price rally, with expectations of reaching $95,000 soon.

A Game-Changing Announcement

Ever since Donald Trump announced the creation of a crypto strategic reserve with top cryptocurrencies like BTC, ETH, XRP, and ADA, traders have turned bullish on these assets. The anticipation builds as the President is set to reveal the Bitcoin strategic reserve in the first-ever crypto summit hosted by the White House. Following this announcement, Bitcoin locked in a higher low and surged towards the range lows once again.

Now, all eyes are on reclaiming a pivotal resistance level, which could potentially turn the tables for Bitcoin’s price trajectory.

Predicting the Price Action

The short-term outlook for Bitcoin suggests that the price has bounced back from local lows and is poised to rise towards local highs. The stochastic RSI indicator has rebounded from oversold levels and is moving towards the upper threshold. Additionally, the conversion line of the Ichimoku cloud has signaled a bullish divergence, indicating a potential continuation of the price uptrend towards the interim resistance at $91,320.

Despite some bearish pressure, the bulls seem to be maintaining control over the rally. It is anticipated that the BTC price will continue its upward momentum until Friday. Following Donald Trump’s announcement regarding the Bitcoin strategic reserve, a significant bullish push is expected, which could further strengthen the bullish trend and help Bitcoin regain previously lost levels.