Bitcoin pulls back after surpassing $97k

WEB DESK: Bitcoin had a rough start on Friday, opening in the red with a dip of $88.74, settling at $96,796.06 compared to its previous day’s close of $96,884.80. It didn’t stop there. Around 01:16 UTC, Bitcoin dropped further, losing another $243.09, bringing the price down to $96,641.71.

Then, Bitcoin bounced back a little after 02:24 UTC, rising by $295.94 to hit $97,180.74. But the recovery didn’t last long, and by 05:27 UTC, it slid again to $96,570.34, marking a $314.46 drop from the previous day’s low.

As of 06:24 UTC, Bitcoin remained volatile, still in the red at $96,581.46, down by $303.34, or 0.31 per cent. Ether (ETH) wasn’t spared either, falling by 0.13 per cent to $3,446.60.

BTC extended its losses further at 08:59 UTC, dropping to a new day low of $96,062.08, a decline of $822.72. The day’s high remained at $97,180.74.

Earlier in the week, Bitcoin found some stability around the $92,606 level, which aligns with a key technical marker—the 50-day Exponential Moving Average (EMA) at $93,588. This helped it climb 4.5 per cent over three days. By Friday, the price was hovering around $97,000.

If Bitcoin manages to hold above $92,606 support, it could continue its upward momentum and make a push towards the $100,000 mark. A strong close above that would open door for a further rally, possibly revisiting all-time high of $108,353.

On technical side, Bitcoin’s Relative Strength Index is at 51, slightly above neutral, hinting at growing bullish sentiment. Meanwhile, Moving Average Convergence Divergence indicator is close to a bullish crossover, suggesting there could be more gains on the horizon.

At present, one Bitcoin in Pakistani rupee (PKR) is valued at approximately Rs27,094,347.87.

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