Bitcoin Surges Over 10%: Key Levels Resumed Amid Analyst Insights

Bitcoin (BTC) has surged over 10% this week, retesting key resistance levels, including $85,000 and $90,000. Analysts are divided on the potential for a bullish continuation versus risk of rejection. Key levels such as $93,500 need to be maintained to confirm breakout stability, with insights from experts emphasizing the importance of weekly closes above these thresholds for future upward momentum.

This week’s market activity has seen Bitcoin (BTC) increasing by over 10%, retesting a critical price barrier after weeks of downward performance. While some analysts are optimistic about the potential for a bullish rally, others assert that maintaining certain key levels is vital for Bitcoin’s next movements.

Following a correction in early April, Bitcoin recovered and surged 11% over the past week, successfully reclaiming the $85,000 level, a significant barrier since late March. Subsequently, BTC surpassed the $90,000 resistance on Tuesday, demonstrating a solid breakout beyond the Daily 200 Moving Average (MA) and Exponential Moving Average (EMA).

The cryptocurrency’s recent journey included a breakout from a four-month downtrend, spurred by a price surge on Thursday. This jump allowed Bitcoin to consolidate below the Daily 200MA briefly before exceeding this threshold yesterday. The next significant target for the cryptocurrency is the $90,000 to $91,000 region, which must be sustained to confirm a genuine breakout rather than merely a liquidity hunt.

Analysts suggest that it is essential for Bitcoin to maintain daily closes above this critical range, with consolidation here being ideal for further upward momentum. Ali Martinez noted Bitcoin’s current price around $93,500, the level which could serve as strong resistance if not reclaimed. This price point was pivotal throughout the post-election breakout phase.

Analysts like Crypto Jelle paint the $93,500 resistance as a crucial barrier, with a recovery above it indicating that “all bets are off.” Rekt Capital observed that Bitcoin’s rally is part of a broader strategy to align with historical price patterns indicative of the end of its Price Discovery Correction, emphasising the necessity for stabilization above the $93,500 level to confirm support.

To validate this, Bitcoin must achieve a weekly close above this vital level. The analyst further invoked the mid-2021 price performance, where Bitcoin consolidated within the two primary Bull Market EMAs, showcasing the potential for a significant breakout this cycle as well. For a confirmed breakout, Rekt Capital stated that a weekly close surpassing $87,000 is essential. Currently, Bitcoin is trading at $93,459, reflecting an 8.2% increase over the month.