- Technical indicators like RSI and MACD suggest strong upward momentum for Bitcoin.
- Bitcoin 24-hour trading volume spiked over 24%, signaling heightened investor activity and confidence.
- Analysts highlight $91,500 as a critical resistance level to confirm the next leg of the rally.
Bitcoin is making headlines once again as it powers past the $90K mark, igniting a wave of bullish sentiment across the market. This implies that highly technical indications are green and volume is high, therefore, everyone is waiting for a possible extended breakout. Bearing everything from daily moving averages to near-vertical short-term spikes in Bitcoin’s price is a result of increased investor confidence and favorable macroeconomic conditions.
Analysts Eye $91.5K as the Next Big Breakout Zone For Bitcoin
According to Ali Martinez, Bitcoin (BTC) on the 4-hour Binance chart has demonstrated a bullish breakout above $88,000, following a period of sideways consolidation and strategic indicator signals. A previous sell setup, such as a sequential “9” defined a local top that was followed by a corrective phase, while an “A13” buy signal pointed to a potential formation of a bottom in the range of $ 84,000.
Source: X
In the most recent signal of the MACD, during the latter rally, an additional “9” sign flashed, which shows that the current bullish momentum looks to be nearing a short-term exhaustion. However, there is a chance for Bitcoin at $88,448 with a slight increase of +0.02%, as the longs and the shorts consider whether there is room for further upside or a correction to ensue.
According to Carl Moon, Bitcoin (BTC) has staged an explosive move on the 15-minute Binance chart, climbing to $90,307.67 with a strong 3.41% gain in just one session, driven by accelerating bullish momentum. The short-term rally ensued as BTC rose from the consolidation levels between $86,410 and a daily high of $90,307 throughout the turnover of $23.17 billion. What Carl speaks of is this parabolic move indicating bulls are back in the trademark bullish fashion, more so if buyers surge above $90K, the clean break from the latter mark auguring well for higher time frame bull into the bulls camp.
Bitcoin (BTC) surged by 3.78% on the past 24 hours, closing at $90,814 on the BITSTAMP exchange, marking a significant upward move supported by bullish technical signals. The Relative Strength Index (RSI) slightly rose to 63.84, which is close to the overbought zone and implying that much buying activity and at the same timereek for pullbacks.
Source:Tradingview
In addition, the MACD indicator produced a bullish crossover as the MACD line, 875, went above the signal line, 877, to further support the sentiment of the market. It is noteworthy that Bitcoin is now likely to form a continuation of the upward movement after leaving the consolidation phase with the key level of $91,500.
Bitcoin Price Analysis
Bitcoin has surged to $90,742.67, marking a 4.24% gain in the past 24 hours, as investor sentiment turns sharply bullish and trading volume spikes by 24.37% to $44.86 billion.BTC is currently the most popular cryptocurrency, whose capitalization has grown 4.18% by the end of the day, and circulation is nearly equal to the total number of btc in existence at 19,85 of 21.
Source: Coinmarketcap
The intensified price increase highlighted in the intraday section reflects a price surge that defines the enhanced demand and restored market confidence from roughly $87,230. This rally has emerged as more institutions are expected to invest in Bitcoin, while at the same time, there is macroeconomic instability.
