- Bitcoin (BTC) briefly hit $93,847 during Asian trading hours, its highest level in over seven weeks.
- While Bitcoin shows bullish momentum, the 4-hour chart hints at a possible short-term pullback before further gains.
Bitcoin made headlines early Wednesday after briefly touching intraday high of $93,847 during Asian trading hours—its highest level in over seven weeks. The world’s largest cryptocurrency gained momentum as investor confidence improved due to positive signals from global markets and politics.
The rally in the BTC price came as traders reacted to two key developments. First, there were encouraging updates about the U.S.–China trade tensions, with U.S. officials showing a more diplomatic tone. Second, U.S. President Donald Trump eased concerns by saying he had “no intention of firing” Federal Reserve Chair Jerome Powell—just days after calling for his removal. These signals boosted investor appetite for riskier assets, including Bitcoin and gold.
Over the past 24 hours, Bitcoin has risen over 5.6% and is up more than 12% in the last seven days, according to CoinMarketCap. The surge included a rapid jump from $91,500 to over $93,000 in just a few minutes, leaving traders surprised. “This is the craziest one-minute candle I’ve ever seen on the Bitcoin chart,” said crypto analyst Michael Sullivan.
At the time of writing, BTC has slightly retraced and is currently priced at $93,721 with a market cap of $1.86 trillion. Additionally, the daily trading volume of Bitcoin soared by over 50% to $57.5 billion. This raises the question: will Bitcoin sustain the rally, or are more pullbacks on the way?
Bullish Breakout: Bitcoin Surpasses Key Resistance Levels
From a technical perspective, Bitcoin has broken out of a falling wedge pattern—a bullish sign. On the daily chart, it passed major resistance near $91,600 (0.786 Fib level), supported by increasing momentum on the MACD (bullish crossover) and a strong RSI reading of 67.5, suggesting there’s still room for growth.
If this momentum continues, the next target could be around $100K, with a possible extension near $107,600.
On the shorter 4-hour chart, however, the RSI has entered the overbought zone at 83.4, suggesting a possible short-term pullback or consolidation.
The MACD remains bullish with Bitcoin in an ascending channel and recently broke to the upside, showing short-term strength. But the current rally may slow down before continuing higher. Overall, both charts show bullish momentum, but the 4-hour chart suggests a short-term pause.
Looking ahead, analysts are watching whether Bitcoin can maintain this momentum and aim for the $100,000 milestone. Standard Chartered’s Geoffrey Kendrick remains bullish, predicting that Bitcoin could hit $200,000 by the end of 2025 and even $500,000 by 2028.
His optimism stems from Bitcoin’s growing role as a safe haven during financial uncertainty. All eyes are now on the $100K mark, with short-term charts showing strength but also warning of a possible brief cooldown before the next leg up.
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