Bitcoin’s Recovery: Key Levels to Watch for Sustained Bullish Momentum

Bitcoin has rebounded over 10% this week, testing key resistance levels. Analysts debate its bullish potential while emphasising the necessity for BTC to maintain vital price points, particularly $90,000-$91,000 and $93,500, for a sustainable rally. A weekly close above these levels is critical to confirm ongoing bullish momentum.

This week, Bitcoin (BTC) has recovered over 10% in price, testing a significant resistance level for the first time in weeks. Analysts are divided, with some predicting a continuation of a bullish trend, while others stress that the maintenance of key price levels is crucial for BTC’s future trajectory.

After a correction in early April, Bitcoin has bounced back, rising by 11% and regaining the $85,000 level. This barrier has been pivotal since late March. Following this, BTC broke through the $90,000 resistance on Tuesday and has successfully held that level for 24 hours. Analyst Daan Crypto Trades noted a strong breakout back into a previous range, alongside the Daily 200 Moving Average (MA) and Exponential Moving Average (EMA).

This recent surge indicates that Bitcoin is at a critical juncture, challenging its multi-month downtrend line. After an upward spike on Thursday, BTC broke a four-month downtrend, holding above the Daily 200EMA before reaching key levels again. Maintaining the $90,000-$91,000 range is essential to avoid a potential downward regression. Analysts recommend that BTC should ideally consolidate above these levels to gather momentum for a sustained rally.

Ali Martinez pointed out that Bitcoin is approaching its yearly opening price of $93,500, a level that previously acted as support but could become resistance if not reclaimed. The $93,500 mark is seen as a critical point for analysts, including Crypto Jelle, who called it the last barrier before potential bullish movement.

Rekt Capital commented on Bitcoin striving to confirm the end of a correction phase, indicating that it must stabilise above the $93,500 threshold. BTC needs to close at or above this level weekly to establish it as new support, echoing the price patterns from mid-2021 when similar movements preceded an upward breakout from a consolidation phase.

Currently, Bitcoin is trading at $93,459, reflecting an 8.2% increase over the past month. These movements suggest that the cryptocurrency is gaining strength, yet key levels remain crucial for determining its future performance.