Bitcoin (BTC)
Key points:
At press time, BTC was trading at $85,379, reflecting a 0.93% increase over the last 24 hours.
It hovered just above the 20-day SMA, with the RSI nearing 54, suggesting moderate bullish momentum.
What you should know:
Bitcoin extended its consolidation phase near the $85K mark, maintaining its footing despite broader market caution. This steady performance came amid growing speculation that the recent recovery was part of a broader bear trap reversal, potentially setting the stage for a retest of the $90K psychological level. From a technical standpoint, BTC’s daily close above the 20-day SMA and near the 50-day SMA hinted at improving bullish control, while volume levels remained relatively stable. The RSI trended higher toward 54, reflecting growing buying interest without entering overbought territory. However, the MA Ribbon continued to show flattening longer-term SMAs (100-day and 200-day), signaling that macro resistance still loomed overhead.
Traders should monitor a decisive breakout past the $86,500–$87,500 region, which would confirm trend reversal and open the door to a test of $90,000. Failure to clear this zone may trigger a pullback toward support around $82,800 or even $80,000. Recent reports highlighted investor optimism around macroeconomic stability and easing regulatory tensions, factors that could strengthen BTC’s case for a Q2 rally.
