Bitcoin ($BTC) is currently trading around $90,800, showing strong bullish momentum after breaking past the $88,000 resistance level, now turned support. This rally is supported by several macro and market-specific factors. Firstly, institutional accumulation is back in the spotlight following Michael Saylor's Strategy purchase of 6,556 BTC, signaling confidence in long-term value. Secondly, the recent Bitcoin halving has reduced daily supply, which historically precedes major bull runs. Additionally, a weaker U.S. dollar and increased interest in crypto ETFs have fueled demand.
Technical indicators are also bullish. BTC is trading well above its 50-day and 200-day moving averages, with RSI showing healthy momentum without being overbought. Immediate resistance sits at $92,000, with the next key level around $95,000. On the downside, $88,000 acts as strong support, followed by $85,500. If current sentiment holds, Bitcoin may retest all-time highs in the coming months. Bulls are firmly in control for now.