Bitcoin price surges over 3,500 USD from the dip, reaching 97,469 USD with a trading volume of 24.27 billion USD, marking a strong recovery after the correction on 5/5.
Bitcoin witnessed an impressive recovery in the previous trading session, regaining most of the value lost during the early month's correction. The world's leading cryptocurrency increased by over 3,500 USD from its intraday dip on 5/5, reaching a new high of 97,469 USD on Tuesday evening Eastern Time, just a short distance from the psychologically important 98,000 USD threshold.
At the time of publication, Bitcoin was trading at 97,283 USD, equivalent to a 2% increase in the past 24 hours and 2.8% for the week. This surge has pulled along a recovery of the entire cryptocurrency market, with total capital reaching 2,980 billion USD, increasing 1.16% for the day.
Technical signals show growth potential
Technical indicators currently reflect an optimistic but cautious outlook for Bitcoin. The Relative Strength Index (RSI) is oscillating around 66, approaching the overbought zone but still within a neutral range, indicating that accumulation momentum is continuing without excessive speculation. Meanwhile, the Average Directional Index (ADX) at 30 reflects an emerging trend but without a clearly established dominance.
This recovery has also triggered a wave of short position liquidations in the market. According to data from Coinglass, over 40 million USD of BTC short positions were liquidated in just 4 hours, and a total of more than 55 million USD were liquidated in the past 24 hours.
Notably, Greg Magadini, Derivatives Director at Amberdata, noted that as Bitcoin approaches the 100,000 USD mark, a prominent trend is re-emerging where private companies continue to add BTC to their balance sheets. Currently, around 70 global companies are doing this, with MicroStrategy expected to implement a large Bitcoin investment plan in the next two years.
With important resistance levels at 97,800 USD, 98,000 USD, and higher levels ahead, investors are waiting to see if Bitcoin can break through its previous peak of 97,938 USD, as buying pressure continues to intensify.
