Bitcoin (BTC) Reloads Its Bullish Streak: How Close Is It to Cracking $95K?

• Bitcoin is currently trading around $93.6K.
• Trading volume of BTC has surged by over 39%.
• The market has recorded $187.48M in BTC liquidations.

With the mixed sentiment across the crypto assets, their price movements are watching out for a clear path to move forward. Some of the major digital assets are charted in green with a modest spike, and a few are still left within the red zone. Notably, Bitcoin (BTC), the largest asset, is on the bullish track, following multiple recovery attempts. 

The BTC price may climb to the $95K mark if the potential bulls stayed longer, without facing any rejections. The asset’s price movement has brought in multiple ranges of lows and highs, and in the morning hours, it traded at a low of $92,285 and eventually, with the bullish shift, it mounted to a high of $94,762. 

Meanwhile, the price fluctuations have made Bitcoin to trade at the current level of $93,641, after posting a 1.22% spike in value. Consequently, the daily trading volume of the asset has increased by over 39.38%, reaching the $47.04 billion zone. In the last 24 hours, the BTC market has witnessed a liquidation of $187.48 million. 

Is Bitcoin Building Momentum for Further Upside?

On the 4-hour chart, Bitcoin shows strong buying interest, with price dominated by upward-moving candles. It could rise and find its key resistance at around $93.8K. Further gains would apply additional upside pressure, and with the golden cross, it might likely send the price above $94.1K. 

Assuming the asset’s trading graph turns red, the price might slip to the $93.4K support range. An extended loss could break down the Bitcoin momentum, and it may fall steeply below the $93.1K mark. Also, with the death cross, the bearish correction would gain more traction. 

BTC chart (Source: TradingView)

BTC’s Moving Average Convergence Divergence (MACD) line crosses above the signal line, indicating a bullish sign. The short-term momentum is stronger than the longer-term trend, and may bring in a potential reversal or continuation of an uptrend. Besides, the Chaikin Money Flow (CMF) indicator at 0.24 suggests strong buying pressure in the Bitcoin market. The money flow is into the asset, supporting accumulation and the bullish market.

The daily Relative Strength Index (RSI) value found at 69.59 signals a strong bullish force. BTC is approaching its overbought territory, which may allow further upside acceleration, with a possible consolidation or a short-term pullback. Moreover, Bitcoin’s Bull Bear Power (BBP) reading is staying at 1,838.23, showing a very strong bullish dominance. With the buyers in firm control, the price trades above, and it can also hint at the overextended conditions.

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