Bitcoin’s Price Surge Signals Potential Rally to $90K-$92K

Bitcoin’s price has recently broken out of a consolidation phase, rising above $87,000, indicating potential rallying towards $90,000-$92,000, a previous support zone. The bullish momentum is evidenced by a surpassing of the 30-day EMA and the invalidation of a bearish trendline. Analysts warn, however, that a drop to $85,000 could invalidate this bullish outlook, as examined by CoinDesk analyst Omkar Godbole.

Bitcoin (BTC) has exhibited significant bullish behaviour, recently surging past the $87,000 mark. This movement marks a break from a week-long consolidation phase between $83,000 and $86,000. According to technical analysis, Bitcoin is poised to target the $90,000-$92,000 range, which previously functioned as a robust support level before being surpassed in February, leading to a drop below $75,000.

The resolution from this consolidation is demonstrating renewed bullish momentum as traders regain confidence following lower lows observed in earlier April. The bullish shift in momentum is further supported by Bitcoin’s surpassing of the 30-day exponential moving average (EMA) of price highs—a key indicator in technical analysis.

Recent trend analysis shows Bitcoin successfully invalidated the previous bearish trendline associated with its fall from record highs. Observing the 200-day simple moving average (SMA), currently positioned at $88,245, suggests that bullish momentum is resilient unless prices decline to $85,000 by the day’s end. Such a drop would potentially invalidate the optimistic outlook for Bitcoin’s price trajectory.

This analysis comes from CoinDesk’s Omkar Godbole, a Chartered Market Technician (CMT) based in Mumbai, with extensive experience in financial markets. He emphasizes that the focus remains steadfast on potential price movements toward the strong support zone of $90,000-$92,000 established earlier this year. His background includes substantial experience in currency markets analysis and holding several cryptocurrencies.