Bitcoin's Wild Swing Sets Stage for $90K Target

Bitcoin's price has made a wild swing in recent hours, surging from $84,500 to $87,200 within just 15 hours. This rapid increase led to the liquidation of $216 million in short positions. However, the momentum was short-lived as Bitcoin reversed sharply following weaker-than-expected unemployment data.

In a matter of five hours, Bitcoin's price dropped by $3,100, resulting in the loss of $278 million in long positions. This volatility has caught the attention of technical analysts, who are closely monitoring the Relative Strength Index (RSI) as Bitcoin approaches resistance levels.

If Bitcoin breaks above its recent high near $87,300, it could potentially open the path to a price target of $90,000. Nevertheless, continued bearish divergence on the RSI may signal that this level marks a near-term top.