Bitcoin has shown signs of recovery, increasing by 3% after a downturn since January, rebounding above $80,000 following a favorable Consumer Price Index (CPI) print. The price is now positioned to potentially liquidate $300 million in short positions above the $85,000 resistance level, which could trigger a bullish momentum driving the price toward $90,000 and possibly $95,000. Analysts highlight a need for collective trading direction between major exchanges, Binance and Coinbase, where selling pressure has recently diverged. While some analysts predict a bullish trend, others suggest temporary bearish movements could occur before significant price increases. The situation is fluid, and traders are advised to remain cautious as liquidity areas remain below $77,000, which suggests further upside potential if the resistance at $85,000 is breached.

Source 🔗