Bitcoin Rebound 0.22% as Price Nears $86,000
1min read Bitcoin (BTC) has shown signs of recovery, with its price increasing by 0.22% over the last day. Despite the market's bearish start on Wednesday, some coins, including Bitcoin, have managed to return to the green zone.
On the hourly chart, Bitcoin's price is attempting to rebound to the local resistance level of $85,235. If the bullish momentum continues, there is a possibility that the price could test the $86,000 mark.
Ask Aime: What causes Bitcoin's recent price increase, and will it continue to rebound to $86,000?
From a larger time frame perspective, traders should pay close attention to the candle's closure in relation to the previous bar's peak. If the closure occurs around $86,000, the upward trend is likely to continue, potentially reaching the $88,000-$90,000 range.
From a mid-term perspective, Bitcoin's price continues to accumulate energy, with trading volume remaining low. This suggests that traders are not anticipating significant price movements in the near future.
At the time of writing, Bitcoin is trading at $85,325.
