Bitcoin’s Path to $90K: Key Resistance Levels to Watch Amid Bullish Momentum
Bitcoin is currently exhibiting strong bullish signals, with a 3.5% weekly gain and trading NEAR the $80,000 mark. Analysts highlight critical cost basis levels that must be breached to sustain upward momentum, as global markets show signs of decoupling. Here’s a detailed breakdown of the key resistance zones and what lies ahead for BTC.
Bitcoin Needs to Clear Critical Cost Basis Level for Upside
Bitcoin is showing signs of strength, up nearly 3.5% in the past week and trading in the high $80,000 range. CryptoQuant analyst Crazzyblockk has highlighted key cost basis zones that Bitcoin must clear to sustain its bullish momentum. The analyst’s insights are based on realized price cohorts and cost basis zones, identifying key resistance and support levels. With Bitcoin decoupling discussions reigniting amid the global equity market downturn, investors are closely watching these levels.
Arthur Hayes Predicts Bitcoin Price Surge Due to Treasury Buybacks
Arthur Hayes, the former CEO of BitMEX, predicts that a Treasury buyback program will push Bitcoin’s price past $110,000 and towards $200,000. The program involves the Treasury selling new bonds and using the proceeds to buy old, inactive bonds, which increases their price. This price jump helps relative value hedge funds lock in profits, which they then use to unwind their short futures positions. Hayes explains that the Treasury has been running this program for years but is now doing it on a larger and more aggressive scale.
Cantor Fitzgerald Launches $3 Billion Bitcoin Venture Backed by SoftBank and Tether
Cantor Fitzgerald, led by Brandon Lutnick, has partnered with SoftBank, Tether, and Bitfinex to form 21 Capital, a $3 billion venture aimed at holding Bitcoin as a treasury asset for long-term appreciation. This strategy emulates MicroStrategy’s approach and reflects the growing institutional adoption of Bitcoin. Positive market sentiment and increased demand are driving this trend.
Tesla Holds $951M in Bitcoin Despite Auto Revenue Drop
Tesla has reported holding $951 million in Bitcoin at the end of the first quarter, maintaining its position as one of the largest corporate holders of the cryptocurrency. The figure, disclosed in its earnings release, is down from $1.076 billion at the end of December due to Bitcoin’s price dip during the quarter. Tesla did not sell any of its holdings, according to on-chain data. Tesla continues to hold 11,509 Bitcoin, which it began accumulating in early 2021. The latest figure comes as a result of new accounting standards for digital assets.
Bitcoin Shoots Above $90,000
Bitcoin reached an intraday peak of $90,532 on Tuesday, extending its surge over the past two days by 7.6% since Sunday’s low. This rally comes amidst the dollar hitting three-year lows, which traders widely LINK to renewed trade war tensions in Washington. Wall Street benchmarks are down roughly 16% from their February highs due to President Trump’s tariff decisions impacting allies and China. Negotiators from Seoul, Tokyo, Brussels, and Beijing still have no agreements, and fresh talks are scheduled later this week.
Crypto Market Cap Hits $3T in 6-Week High
The total market capitalization of cryptocurrencies surpassed $3 trillion for the first time since March 7. The recovery was led by Bitcoin, with altcoins also gaining. Over $500 billion has entered the market since April 9, indicating a possible sustained recovery. The positive sentiment was also fueled by US President Trump’s comments on trade tariffs and the Federal Reserve chair.
