Why is Bitcoin Price Up Today?

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, with the anticipation for altcoin season gaining traction.

The largest cryptocurrency has recently found a local bottom and is now showing signs of bouncing back to higher levels. After a period of uncertainty, the market appears ready for a reversal. The drop that many feared could continue lower seems to have bottomed out, with a potential rise ahead. Experts are closely watching key levels as Bitcoin looks set to push upwards, possibly targeting new highs.

Bitcoin had faced significant downward pressure, but as the price dipped, it reached a level where the market sentiment shifted. This often signals a local bottom, a point from which prices tend to rise as traders begin to accumulate. Bitcoin’s ability to hold above critical support levels, such as $85,000 and $90,000, might explain why the price is still rising. 

The potential impact of U.S. policy changes under former President Donald Trump, who has hinted at eliminating capital gains tax on crypto could also be acting as a catalyst for the BTC price. If such a policy were passed, it could drive capital inflows into Bitcoin and other cryptocurrencies, further fueling the market’s growth in the coming months.

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Conclusion:

As of now, Bitcoin is testing resistance near $93,000, with many expecting a break above $100,000 in the coming weeks. The next target for Bitcoin is likely to be the $100,000 mark, a key psychological level that could trigger further buying interest.

Looking at Bitcoin’s technical, indicators like the Relative Strength Index (RSI) are signaling that the asset is 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