#SaylorBTCPurchase Bitcoin Tops $87K: Bulls Anticipate Breakout Rally to $92K
Bitcoin has reclaimed $87K and is now targeting $92K, fueled by hype surrounding Michael Saylor and a surge in derivative market activity.
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As Bitcoin reclaims $87,000, the crypto market is back on a bullish front. At press time, Bitcoin trades at $87,424, recording an intraday recovery of nearly 3%.
The bullish momentum signals a potential breakout from a significant supply zone near the $88,000 mark. Will recent sentiment driven by Michael Saylor and growing interest in the derivatives market push BTC prices back to $92,000?
Bitcoin Price Analysis Signals $88K Breakout
On the daily chart, BTC shows a bullish breakout from a falling wedge pattern, gaining momentum. With the intraday recovery, Bitcoin has surpassed a long-standing resistance level around $86,000.
A bullish engulfing candle has broken past the 61.80% Fibonacci retracement level at $86,146. Currently, Bitcoin is closing in on reclaiming $88,000 for the second time this month.
As the wedge breakout rally gains strength, Bitcoin is approaching a key reversal point. The daily RSI has moved above the midpoint, indicating rising bullish momentum. Additionally, the recovery is nearing the red line of the Supertrend indicator, positioned around $89,386.
If Bitcoin manages a daily close above this level, the Supertrend indicator will confirm the start of a new bullish cycle.
On closer inspection, the BTC price is also approaching a stronger supply zone on the lower time frame. In the 4-hour chart, the recovery began with a double-bottom reversal near $75,000.
The bullish rally is now approaching the $88,000 supply zone. Furthermore, a golden crossover between the 50 EMA and 200 EMA, along with a positive MACD crossover, supports the likelihood of a trend reversal.
Based on the lower time frame of Fibonacci levels, the uptrend could reach the 1.272 Fibonacci extension at $91,959.
Optimistically, the breakout could extend to the 1.618 Fibonacci retracement near $96,500. Price analysis on both higher and TC
