Key points
- BTC rises by less than 1% and is currently trading above $93,000
- The coin could surge to $100,000 if the bullish recovery continues
Bitcoin reclaims $94,000
The cryptocurrency market rebounded after Monday’s declines, with Bitcoin reclaiming the $94,000 level on Wednesday. The leading digital asset by market capitalization rose by under 1% in the past 24 hours and is trading above $93,000 per coin.
This positive performance coincides with improving technical indicators across the board, suggesting retail investors are optimistic about a short-term rally.
In an email to CoinJournal, Nic Pukrin, investment analyst and co‑founder of The Coin Bureau, noted that Bitcoin staged an impressive recovery over the last 24 hours. He said the move was supported by a “perfect storm” of bullish headlines that ultimately swung in favor of the market (including Vanguard allowing clients to buy and sell crypto ETFs).
In addition, Bank of America is reportedly recommending a 1%–4% portfolio allocation to crypto, a shift that could introduce up to $700 billion of incremental liquidity into the asset class.
“As a result, Bitcoin has climbed into a key resistance zone between $93,000 and $95,000, which acted as resistance back in April. If it breaks above this area, it will attempt to challenge the $100,000 threshold again. The 50‑week simple moving average (SMA) near $102,000 is another important level to watch. Much depends on whether U.S. buyers can sustain this momentum when the New York market opens this morning,” Pukrin added.
Bitcoin appears to overcome $93,000 resistance
The BTC/USD 4‑hour chart remains bullish despite earlier weakness this week, and technical indicators have improved as bulls take control.
An RSI around 61 suggests Bitcoin could head toward overbought territory if buying pressure continues. The MACD turned bullish on Tuesday, reinforcing the renewed upside bias.
If the uptrend persists, BTC may push toward the next major resistance near $96,399 within hours or days. However, if bulls fail to drive prices higher, Bitcoin could revisit liquidity zones below $91,000.