Bitcoin (BTC) Price Analysis: BTC Prints Gains Above $91,000 Levels, Targets $100,000 High?

Bitcoin is up by more than four percent in the past 24 hours and  is trading above $91,000 levels. Majority of the top 10 coins are also printing gains

Bitcoin price showed signs of recovery on Monday, rising above the $91,000 level amid anticipation for altcoin season and speculation about potential U.S. policy changes that could impact crypto.

The world’s largest cryptocurrency recently appeared to find a local bottom and was now indicating a potential bounce-back to higher levels. After a period of uncertainty, the market seemed poised for a possible reversal.

The downturn that many anticipated to continue further seemed to have reached a bottom, with a possible uptrend in sight. Anticipation grew among traders as Bitcoin showed signs of breaking out to higher levels, possibly aiming for new highs.

Bitcoin had faced substantial downward pressure, but as the price dropped, it reached a point where the market sentiment shifted. This often signaled a local bottom, a point from which prices tended to rise as traders began to accumulate.

Bitcoin’s ability to hold above critical support levels, such as $85,000 and $90,000, might explain why the price was still rising.

The potential impact of U.S. policy changes under former President Donald Trump, who hinted at eliminating capital gains tax on crypto, could also be a factor driving the BTC price.

If such a policy were passed, it could lead to increased capital inflows into Bitcoin and other cryptocurrencies, further boosting the market’s growth in the coming months.

Conclusion:

Bitcoin was now encountering resistance around $93,000, with many anticipating a breakout above $100,000 in the upcoming weeks. The next target for Bitcoin price was likely to be the $100,000 mark, a key psychological level that could trigger further buying interest.

Observing Bitcoin’s technicals, indicators like the Relative Strength Index (RSI) were signaling that the asset was currently in overbought territory. The RSI recently reached an extreme level of 83, similar to levels seen back in March 2024, just before a major correction occurred.

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