Bitcoin’s Potential Breakout: Is a $90,000 Surge on the Horizon?

Bitcoin is currently fluctuating between $83,000 and $86,000, seeking to reclaim the pivotal $85,000-$86,000 resistance. Analysts predict a breakout towards the $90,000 level could be imminent, influenced by recent market movements and past trends. However, low volumes during the Easter weekend may limit significant movements in the short term.

Amid ongoing market volatility, Bitcoin (BTC) struggles to reclaim the critical $85,000-$86,000 zone, despite a steady performance this week. Some analysts believe a breakout from this resistance level could be imminent, potentially leading BTC back towards the $90,000 mark.

In the last week, Bitcoin has fluctuated between $83,000 and $86,000, rebounding from a sub-$80,000 correction earlier in the month. Recent volatility was influenced by a US trade tariff war, which saw a temporary pause in tariffs by President Donald Trump for 90 days across more than 75 countries, allowing BTC to recover above the $80,000 threshold.

Bitcoin found support around $78,500 and encountered resistance due to a four-month downtrend. Analyst Daan Crypto Trades noted that BTC is testing a crucial price region, the Daily 200 Exponential Moving Average (EMA), which poses a significant challenge for upward movement. Thursday’s market movement suggests a potential breakout from this downtrend, with a chance for BTC to surge towards the $90,000-$91,000 barrier.

Despite bullish indications, the trader cautioned about minimal volatility during the Easter weekend due to low trading volumes. He commented that unless significant news arises, market movement may be dull until the following week.

Analyst Sjuul from AltCryptoGems stated that Bitcoin remains below the 50-day EMA, which has historically delineated the transition between bull and bear markets. He indicated that BTC has travelled between $78,000 and $95,000 since March, with the 50 EMA acting as a persistent resistance.

A breakout above $85,000-$86,000 is essential for BTC to approach the $90,000 mark. The current price dynamics mirror the pre-bull run scenario in May 2021, where reclaiming the 50 EMA was key. Strong buying pressure must materialise to overcome resistance and trigger a rally, specifically breaking through the liquidity wall at $87,000.

As of now, Bitcoin is trading at $84,521, marking a 1.2% increase over the past week.