Bitcoin's price has previously rebounded from the key support level at 91.5K, signaling strength in the bullish trend. The TSI indicator is currently at a very low level, but as long as the 89K support remains intact, this suggests the bullish momentum could continue. For a stronger confirmation of an upward move, a break of the previous swing high near 94.5K would be crucial, along with a bullish TSI crossover and potentially a new Signal Builder buy signal.
The Point of Control (POC) for this range is at 97.5K, making it a short-term target for bulls. Breaking above this level could pave the way for Bitcoin to challenge its previous all-time highs. However, if Bitcoin fails to hold the 89K support, the trend may reverse to the downside, warranting caution.
In summary: Bitcoin is at a critical juncture. A bullish continuation above 94.5K opens the door to 97.5K, while a break below 89K could signal the start of a bearish trend.
👨🏻💻💭 Will Bitcoin break above 94.5K and hit 97.5K, or are we heading back to 89K? Share your thoughts below!
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