As #Bitcoin ’s price resurfaces above the $98,000 mark, its market cap is closing in on the $2 trillion valuation once again. Over the past 24 hours, Bitcoin has increased by 4.56%, signaling a bullish recovery. 

Amid the BTC price surge, the crypto market is witnessing dramatic rebounds in altcoins, driving liquidations from shorts to $149.46 million. However, the total liquidation has reached $252.67 million, including $103.22 million worth of long-side liquidation.

BTC Price Analysis

In the 4-hour chart, BTC’s price action showcases a double-bottom reversal from the crucial support of the $93,000 level. As predicted in our previous article, BTC bounced back to surpass the $97,000 level with a morning star pattern on the daily chart. 

Currently, the double-bottom reversal in the 4-hour chart is testing the neckline at the $99,000 level. 

The bullish recovery has resulted in a positive crossover between the 20 and 200 EMA lines. Meanwhile, the current price action ranges between 50 and 100 EMAs in the 4-hour chart. 

Furthermore, the 4-hour RSI line has crossed above the halfway level, signaling a boost in buying pressure. Hence, the technical indicators are gradually turning bullish, increasing the chances of a breakout rally. 

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