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Here’s Why Bitcoin Could Hit $90K After Breaking Resistance
Bitcoin breaks $85K resistance, aiming for $90K with high volume.
The strong breakout above $82K indicates further upside potential.
Analysts predict $90K Bitcoin as the next target after the breakout.
On April 13, Bitcoin broke above an important resistance line beyond $85,000 and thereby firmed up the possibility for an even larger breakout upward. The movement came after weeks of downward consolidation, whereby price action repeatedly tested the falling trendline. A chart shared by crypto analyst @Micro2Macro shows Bitcoin is now sitting firmly atop this resistance, adding fuel to speculation of a $90,000 run in the near term.
https://twitter.com/Micro2Macr0/status/1911260279373025520 Breaking Downtrend: Major Milestone
The breakout ends a descending channel that started forming in late February when Bitcoin had been facing constant rejection at lower highs and thus forming a triangular compression pattern. Nevertheless, a bullish daily candle aided by buying volume adds to the market conviction. In particular, the daily close positioned above both the downtrend line and the $82,000 horizontal resistance zone strengthens the breakout structure.
As a result, an increase in trading volume occurred after Bitcoin broke through the $82,000 resistance. This increasing activity is a reflection of a wider acceptance of the new bullish trend. In addition to volume, the visible range volume profile (VPVR) confirms a supply gap in the region between $86,000 and $93,000 thus indicating low resistance within that range.
Surge in Volume Supports the Breakout
With increased market volume into the breakout, this bolsters the view that traders are actively buying into Bitcoin's strength. The increase in volume here is a major sign as it shows this is not just some false rally but the beginning of an actual sustained uptrend. Traders watching this price action see the volume as supporting evidence that new bullish sentiment is indeed developing in the market.
Bitcoin is presently trading at $85,366 on the daily chart from Coinbase. A critical level technically and psychologically. The break above $82,000 just gives credence to the theory that we soon may see Bitcoin testing the upper supply area between $86,000 and $93,000. That area constitutes significance not just from a chart perspective but also technically, where traders will view it as their major resistance zones. Should Bitcoin hold above this level, it could then be set for an even greater move toward $90,000.
Analysts Anticipate Further Upside and Optimism Builds
The ever-increasing hope for Bitcoin has found expression in market talk. To note, on April 13, analyst @Micro2Macro said that "$90,000 Bitcoin by Monday looks very doable." That forecast came after the confirmed break of the descending trendline that had suggested the market had turned fully bullish. Traders are now looking for further confirmation of that momentum, with some in the market expecting a retest into the breakout area before the trend continues on.
Furthermore, chatter on social media is knocking the doors segment related to Bitcoin crossing $90,000. Eager traders and investors are trailing right behind putting in their two cents, feeding this exhilaration even further. This kind of engagement has often been associated with price increases.
The strong breakout above $82K indicates further upside potential.
Analysts predict $90K Bitcoin as the next target after the breakout.
On April 13, Bitcoin broke above an important resistance line beyond $85,000 and thereby firmed up the possibility for an even larger breakout upward. The movement came after weeks of downward consolidation, whereby price action repeatedly tested the falling trendline. A chart shared by crypto analyst @Micro2Macro shows Bitcoin is now sitting firmly atop this resistance, adding fuel to speculation of a $90,000 run in the near term.
https://twitter.com/Micro2Macr0/status/1911260279373025520 Breaking Downtrend: Major Milestone
The breakout ends a descending channel that started forming in late February when Bitcoin had been facing constant rejection at lower highs and thus forming a triangular compression pattern. Nevertheless, a bullish daily candle aided by buying volume adds to the market conviction. In particular, the daily close positioned above both the downtrend line and the $82,000 horizontal resistance zone strengthens the breakout structure.
As a result, an increase in trading volume occurred after Bitcoin broke through the $82,000 resistance. This increasing activity is a reflection of a wider acceptance of the new bullish trend. In addition to volume, the visible range volume profile (VPVR) confirms a supply gap in the region between $86,000 and $93,000 thus indicating low resistance within that range.
Surge in Volume Supports the Breakout
With increased market volume into the breakout, this bolsters the view that traders are actively buying into Bitcoin's strength. The increase in volume here is a major sign as it shows this is not just some false rally but the beginning of an actual sustained uptrend. Traders watching this price action see the volume as supporting evidence that new bullish sentiment is indeed developing in the market.
Bitcoin is presently trading at $85,366 on the daily chart from Coinbase. A critical level technically and psychologically. The break above $82,000 just gives credence to the theory that we soon may see Bitcoin testing the upper supply area between $86,000 and $93,000. That area constitutes significance not just from a chart perspective but also technically, where traders will view it as their major resistance zones. Should Bitcoin hold above this level, it could then be set for an even greater move toward $90,000.
Analysts Anticipate Further Upside and Optimism Builds
The ever-increasing hope for Bitcoin has found expression in market talk. To note, on April 13, analyst @Micro2Macro said that "$90,000 Bitcoin by Monday looks very doable." That forecast came after the confirmed break of the descending trendline that had suggested the market had turned fully bullish. Traders are now looking for further confirmation of that momentum, with some in the market expecting a retest into the breakout area before the trend continues on.
Furthermore, chatter on social media is knocking the doors segment related to Bitcoin crossing $90,000. Eager traders and investors are trailing right behind putting in their two cents, feeding this exhilaration even further. This kind of engagement has often been associated with price increases.
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