Bitcoin price has rebounded to $100,000 after briefly falling below $92,000, marking a strong recovery amidst market volatility.
Market Recovery and Key Support Levels
$98,991 is acting as a short-term support level, aligning with the 49-day moving average. If Bitcoin fails to maintain this level, there could be a retracement to $90,000.
Technical Indicators Show Mixed Signals
Bitcoin has formed a 'Golden Cross' with the 13-day EMA above the 49-day EMA, signaling a bullish long-term trend. However, the RSI shows that the current price has neither reached overbought nor oversold levels.
Impact of US-Mexico Trade Agreement on Bitcoin’s Price
Bitcoin's recent recovery coincided with a temporary suspension of tariffs between the US and Mexico, which was facilitated by the presidents of both countries and lifted investor confidence.
If Bitcoin manages to hold above $101,500, further price growth towards $110,000 can be expected.
