Bitcoin has been on a roll lately, jumping over 10% this week and testing a crucial price point for the first time in ages. But will this rally continue, or is it just a temporary blip? Analysts are divided.
Bitcoin Breaks Through Key Resistance
Bitcoin’s recent surge follows a correction that saw it dip below $80,000 in early April. It’s now reclaimed the $85,000 level – a major hurdle since late March – and even surpassed $90,000. One analyst, Daan Crypto Trades, points to a strong breakout above key moving averages as a positive sign. Bitcoin has been bouncing around a specific price range for weeks, testing its downtrend line and key moving averages. The recent break above these levels is significant.
The $90,000 Question
The $90,000-$91,000 range is considered a critical level. If Bitcoin can hold above this, it suggests a genuine bullish breakout. However, if it’s just a temporary jump to grab some quick profits before falling again, then the rally is short-lived. Sustained daily closes above this range are key to confirming a real turnaround. Some consolidation around this level would be ideal to build momentum for further gains.
Eyes on the Weekly Close: $93,500 is Key
Another important level is $93,500 – close to Bitcoin’s yearly opening price. This was strong support earlier in the year, but it could now become resistance if Bitcoin can’t reclaim it. One analyst even calls it the bears’ “last line of defense.” Breaking through this level could signal a major shift in momentum.
Another analyst, Rekt Capital, points out that Bitcoin’s recent rally mirrors its performance in mid-2021. Back then, it consolidated between two key moving averages before breaking out and continuing its upward trend. A weekly close above $87,000 would strengthen the case for a confirmed breakout. A close above $93,500 would be even more bullish. The current price hovers around $93,459, representing a significant monthly gain. In short, the next few days will be crucial in determining Bitcoin’s next move.
