$BTC
Bitcoin's recent performance has been encouraging, breaking through the $87,000 mark and reaching its highest point in nearly a month. This upward movement comes after a period of consolidation and a dip below $75,000 earlier in April. Several factors appear to be contributing to this bullish momentum.
Notably, MicroStrategy continues its accumulation of Bitcoin, recently purchasing over 6,500 BTC, signaling strong institutional belief in the asset. Additionally, there's a rising correlation observed between Bitcoin and gold, both often considered hedges against inflation and currency devaluation, especially as the US Dollar Index shows weakness.
Technically, Bitcoin has surpassed a multi-week consolidation range, suggesting a potential for further gains. While some analysts anticipate a move towards the $90,000 resistance level, others point to the 200-day moving average around $89,000 as a critical level that could trigger a reversal if not decisively broken. Support is currently seen around the $85,000 mark, which is crucial for maintaining the current bullish structure.
Overall, the sentiment around Bitcoin seems to be improving, fueled by institutional buying and positive technical indicators. However, traders should remain vigilant of key resistance levels and overall market liquidity to anticipate potential volatility.