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Bitcoin (BTC) Price Analysis: $90K Support Holds Strong; Is the Next Target at $96K?
As we dive into the latest Bitcoin price action, it’s clear that the cryptocurrency has defied expectations and held onto its crucial support zone around $90,000. This resurgence in value has sparked renewed optimism among investors, with many now questioning whether the next target lies at $96,000.
A closer inspection of the charts reveals that the bulls have managed to reclaim the psychological barrier at $91,000, a development that could pave the way for further gains. The technical indicators are also hinting at a potential rebound in the near term, with volume and sentiment metrics aligning with this narrative.
The past 24 hours have seen a minor price rise of over 1.28%, with Bitcoin now trading at $91,469. This upswing has come amid a significant increase in market capitalization to $1.82 trillion, accompanied by a decline in trading volume of around 18% to approximately $86 billion.
It’s worth noting that the token’s volatility is on the rise, as price fluctuations have been observed within a range of nearly 7-8%. This heightened instability has also led to an extreme fear index reading of 16, suggesting investors are increasingly jittery.
Source: coinpedia.org
