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The Bitcoin price rose to a two-month high, finally joining the rally on risk assets and precious metals after spending weeks stuck in a tight range.
Bitcoin surged to a high of $96,250 on Tuesday, extending a recovery from Sunday's low of $90,109 to mark three consecutive days of gains.
At press time, Bitcoin was up 3.36% in the last 24 hours to $94,961, having reached an intraday high of $95,759 early Wednesday.
Bitcoin analyst and Capriole Fund founder Charles Edwards describes Bitcoin's recent price action as a strong move.
The surge to a high of $96,250 on Tuesday was Bitcoin's highest intra-day level since Nov. 16. The lead cryptocurrency printed a large green candlestick as it surged from a low of $90,925 to $96,250.
Strong Bitcoin move: $108,000 next?
Edwards calls the surge a strong Bitcoin move, adding that Bitcoin just had its first promising technical move in a while. The analyst highlighted the fact that Bitcoin had a daily close above $93,500, which opens up "good odds" of a price jump to $108,000.
While this serves as good news for bulls, Edwards added that the same feat would be required on the weekly chart. The analyst stated that Bitcoin will also need to close above $93,500 to confirm the downside fakeout, which will be bullish for its price.
"Now would be a great time to turn this ship around," Edwards added, hinting at a sustained Bitcoin price reversal once bullish conditions are fulfilled.
Bitcoin fell more than 6% for 2025 after ending the year flat, trading in a narrow range and proving largely indifferent to rallies on stocks and precious metals. Analysts now see signs of a potential breakout, and traders are expecting it to gain ground on rival asset classes.
Investors poured $754 million into the 12 U.S.-listed Bitcoin exchange-traded funds on Tuesday, the most since Oct. 7, suggesting the price surge might still have further to go.
A sustained break above $95,000 might open the way for Bitcoin to target the $100,000 mark and potentially the 200-day moving average, which currently stands at $106,058.
Tomiwabold Olajide
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