Bitcoin's Wild Swing: $90K Target in Sight as Analysts Monitor RSI

Bitcoin's price has seen a wild swing in the past 24 hours, with a surge from $84,500 to $87,200 in just 15 hours. This sudden increase led to the liquidation of $216 million in short positions. However, the rally was short-lived, and Bitcoin reversed sharply within an hour of weaker-than-expected unemployment data. The price then dropped $3,100, wiping out $278 million in long positions over five hours.

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