The rise in the price despite the FUD surrounding the Mantra rug-pull suggests the rising confidence over the star token, preventing the markets from falling in the FUD-well
Bitcoin price is recovering and trying hard to rise above $85,000, which raises the possibility of surpassing the crucial resistance at $88,500 this week. The rise in the price despite the FUD surrounding the Mantra rug-pull suggests the rising confidence over the star token, preventing the markets from falling in the FUD-well.
The Bitcoin price is gaining strength even better, as no CME gap was formed during the past weekend. The price broke out on Friday, retested the downtrend line over the weekend, preventing the CME gap. This suggests the bulls are in line to push the BTC price towards $90,000 as the technicals are close to displaying a bullish divergence. However, the price is required to rise above and secure a crucial resistance in the next few days, which could clear the path towards $100K; otherwise, a drop close to yearly lows is imminent.
The markets began to recover after President Trump halted the tariffs. Recently, he clarified that no county would be getting ‘’off the hook’’ on tariffs, as no exemptions will be implemented. In the coming days, the Gold price, which is breaking down after printing huge bullish candles, is expected to come down substantially. This drop is expected to push the Bitcoin price close to $90,000 with a drop in panic and uncertainty.
Now that the BTC price has regained important levels and is gaining strength despite the Mantra collapse. This suggests greener days are yet to come, reviving the possibility of rising above $100K shortly.
The weekly chart of Bitcoin flashes a major bullish signal as the price has risen above the trend like it held since September 2023. The selling pressure has dropped from the past week, which may further assist the levels to undergo a bullish crossover. On the other hand, the weekly RSI has reached the average zone, and a continued upswing could eventually push the BTC price towards the crucial resistance at $88,500.
Therefore, it would be interesting to watch how things unfold further as the bullish hold over the Bitcoin (BTC) price rally is slowly rising.
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