$BTC Bitcoin price found support around a previously broken upper consolidation zone at $90,000 on January 8 and recovered slightly through Monday. On Tuesday, BTC rose more than 4% and closed above the 61.8% Fibonacci retracement level (from the April low of $74,508 to October's all-time high of $126,199) at $94,253. As of Wednesday, BTC is trading around $95,300.
If BTC continues its rally, it could extend the surge toward the key psychological $100,000 level.
The Relative Strength Index (RSI) on the daily chart is 66, above the neutral level of 50 and trending upward, indicating bullish momentum is gaining traction. Moreover, the Moving Average Convergence Divergence (MACD) shows a bullish crossover that remains intact, with rising green histogram bars above the neutral level, further supporting the positive outlook.
On the other hand, if BTC faces a correction, it could extend the decline toward the key support at $94,253.
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