Bitcoin Price Swing Brings $216M Shorts Liquidation Ahead of $90K Target

Bitcoin's price surged from $84,500 to $87,200 in just 15 hours, resulting in $216 million in short positions being liquidated. However, this uptrend was short-lived as Bitcoin reversed sharply within an hour of weaker-than-expected unemployment data. As a result, the cryptocurrency dropped by $3,100 over five hours, wiping out $278 million in long positions.

Technical analysts are closely monitoring the Relative Strength Index (RSI) as Bitcoin approaches resistance levels. A break above the recent high near $87,300 could potentially open the path to $90,000. Nevertheless, continued bearish divergence on the RSI may signal that this level marks a near-term top.

According to CoinPedia's analysis, the RSI is currently tracking closely as Bitcoin navigates these critical resistance levels. Investors are advised to conduct their own research before making investment decisions, as opinions and insights shared represent the author's views on current market conditions.