Bitcoin's Breakout Signals BTC Potentially Rallying to $90K-$92K: Technical Analysis
This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.Bitcoin's (BTC) recent range play resolved bullishly early Monday, shifting focus to the $90,000-$92,000 range, which was previously a strong support zone.The leading cryptocurrency by market value rose past $87,000, convincingly breaking out of a week-long consolidation between $83,000 and $86,000. The renewed willingness among the bulls to lead the price action indicates the resumption of the recovery from the April 7 lows under $75,000.It also means potential for a continued move higher to the $90,000-$92,000 range, which acted as the floor, arresting price drops from December to early February. The support zone was eventually breached in late February, spurring a rapid decline to under $75,000.The range breakout is seen on the hourly chart (left).It follows the recent invalidation of the bearish trendline, characterizing the sell-off from record highs, as seen on the daily chart.
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Source: www.coindesk.com
Published: April 21, 2025
