Bitcoin Prices Swing Wildly as $90K Target Looms

Bitcoin's price has been on a wild swing, surging from $84,500 to $87,200 in just 15 hours, a move that liquidated $216 million in short positions.

However, this upward momentum was short-lived, as the price reversed sharply within an hour of weaker-than-expected unemployment data, dropping $3,100 in just five hours and wiping out $278 million in long positions.

Technical analysts are closely tracking the Relative Strength Index (RSI) as Bitcoin approaches resistance levels, with a break above the recent high near $87,300 potentially opening the path to $90,000.

However, continued bearish divergence on the RSI could still signal that this level marks a near-term top.