Bitcoin’s price soared beyond $87,000, breaking out of a weeklong consolidation range of $83,000 to $86,000. The bulls’ renewed readiness to lead the price movement suggests that a major recovery of Bitcoin might be underway.

According to on-chain analytics platform IntoTheBlock, Bitcoin’s recent price action suggests the potential for a continued move higher to the $90,000 mark. The $90,000-$92,000 range served as the floor for Bitcoin prices from December to early February. The support zone was eventually breached in late February, resulting in a fall to below $75,000 in April.

According to IntoTheBlock, the cost-basis indicator clusters reveal little overhead supply below the $90,000 range, implying the market could advance quickly before a larger tranche of holders reaches break-even and begins taking profit.👇👇

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