Despite Bitcoin (BTC) showing strong weekly performance amid market volatility, it has consistently failed to reclaim the $85,000-$86,000 range. However, some analysts believe that a breakthrough of key resistance levels may be imminent.
Will Bitcoin resume its bull market rebound?
In the past week, Bitcoin's trading price has fluctuated between $83,000 and $86,000, recovering from a pullback below $80,000 earlier this month. Notably, this flagship cryptocurrency experienced significant volatility last week due to the ongoing trade tariff war between the U.S. and dozens of countries.
BTC's recent rebound started after U.S. President Donald Trump announced a 90-day pause on tariffs affecting over 75 countries, which pushed BTC's price back above $80,000. Amid market fluctuations, Bitcoin re-tested the critical support level of $78,500 and its four-month downward trend resistance level, oscillating between the two levels.
According to market observers Daan Crypto Trades, Bitcoin has been fluctuating within an important range as it re-tests its downward trend line, as well as the daily 200 exponential moving average (EMA) and moving average (MA), "which is a price area that has been difficult to break through in recent weeks."
BTC re-tests its four-month downward trend line. Source: Daan Crypto Trades on X
In Thursday's surge, BTC finally broke through the downward trend, which could lead it to "the ultimate level for a bullish breakout," namely the $90,000 to $91,000 mark, as he suggested that the sideways movement in the mid-$80,000 range won't last long.
Nevertheless, the trader believes that due to the impact of the Easter weekend, there may not be significant volatility in the coming days, with expected lower trading volume and liquidity. "Without any major news, the market could be quite dull," he asserted, adding, "We'll see how things develop next week."
Key levels for BTC are about to be reclaimed
Analyst Sjuul from AltCryptoGems pointed out that Bitcoin is trapped below the 50-day EMA, which is "the gap between us and the recovery of a bull market."
He explained that since March, cryptocurrencies have been fluctuating between $78,000 and $95,000, with the 50 EMA overlapping the midpoint of the price range, and it seemingly acted as resistance over the past week.
A breakthrough of the midpoint between $85,000 and $86,000 could allow BTC's price to surpass the $90,000 mark and reach the high end of that range.
According to the post, Bitcoin's current price movement is similar to its performance before the bull market recovery in May 2021. At that time, BTC recaptured the 50-day moving average on the daily chart, and this moving average "now, just like back then, (...) has always been the dividing line between bull and bear markets."
The analyst explained that strong spot buying pressure is crucial for breaking through this resistance level and restoring BTC's upward momentum. "If we ultimately face this spot buying pressure, and we eventually see a reversal on the EMA 50-day chart, then all we need to do next is truly break through the liquidity barrier of $87,000," he summarized.
As of the time of writing, Bitcoin is trading at $84,521, up 1.2% for the week.
