Bitcoin Shows Bullish Momentum as Price Breaks Key Resistance Levels
Bitcoin’s price action indicates a promising upward trajectory as it surpasses critical resistance zones, signaling potential for further gains. With strong support levels holding and technical indicators turning positive, the cryptocurrency market watches closely for BTC’s next move towards the $88,000 mark.
Bitcoin Price Breakout In Progress
Bitcoin price is slowly moving higher above the $86,500 zone. BTC found support at $84,200 and started a recovery wave. The price is trading above $85,500 and the 100 hourly Simple moving average. There was a break above a connecting bearish trend line with resistance at $85,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it clears the $88,000 zone. Additionally, Bitcoin price remained stable above the $83,200 level and climbed above the $84,200 and $85,000 resistance levels.
Bitcoin stalls between $82K–$86K – Range, ruin, or rebound ahead?
Over the past week, Bitcoin [BTC] has traded within a parallel channel, consolidating between $82,000 and $86,000 without clear direction. With the lack of upward momentum, investors who bought Bitcoin at these levels continue to record significant losses. According to CryptoQuant, Bitcoin’s Realized Losses are currently dominating the market, with the Profit/Loss Ratio (7DMA) dropping below its critical level of 1. These losses are mounting, especially among short-term holders.
What’s Next For Bitcoin After Crossing $87,000?
This Sunday, Bitcoin (BTC) crossed the $87,000 mark following a healthy correction that brought prices down to $74,000 earlier this month. Crypto analyst Doctor Profit provided a comprehensive analysis of the current price action on social media platform X, outlining two potential scenarios he had predicted a month prior. The first scenario, a correction to the $70,000 to $74,000 range, played out exactly as anticipated. The second scenario involved a more severe downturn, a ’Black Swan’ event, which has not yet occurred. Investors are waiting to see which scenario will unfold next.
Metaplanet Acquires 330 More Bitcoin for $28.2M
Metaplanet has acquired an additional 330 Bitcoin, spending approximately $28.2m. The Tokyo-listed firm confirmed the purchase, citing an average price of around $85,561 per coin. This brings Metaplanet’s total holdings to 4,855 Bitcoin. Since the start of the year, the company has more than doubled its Bitcoin position, making it one of the most aggressive corporate accumulators of the asset in Asia. The purchase aligns with its broader Bitcoin Treasury Operations, officially launched in Dec. 2024, aiming to convert fiat reserves into digital assets viewed as a long-term store of value.
5 US Economic Indicators With Crypto Implications This Week
US macroeconomic data have broadly influenced sentiment in the cryptocurrency market over the past several months. The first US economic indicator that could influence Bitcoin (BTC) price is March’s leading economic indicator, due today, Monday, April 21. Several factors, including macroeconomic sentiment, monetary policy expectations, and Bitcoin’s growing narrative as a hedge or risk asset, influence Bitcoin’s price dynamics.
Bitcoin Price Has Chance to Clear $90,000 if $86,190 Level is Broken
The Bitcoin price continues to trend low and has failed to reclaim $90,000. The bears have dominated during the last few months, dragging Bitcoin down from above $100,000 to below $80,000, before the bounce to $83,000. Now, these developments have triggered doubts in investors’ minds as to whether the bull run might be over. However, there could still be hope for a restart of the bull market if Bitcoin properly clears the $86,190 level. Crypto analyst RLinda on the TradingView website explained that Bitcoin is showing some positive signs after crashing over 20% from its all-time high price, but these trends are not enough to suggest a break in the downtrend.
