Bitcoin Targets $90K-$92K After Breaking Out of Consolidation Range
Bitcoin (BTC) has surged past the $87,000 mark, breaking out of its week-long consolidation range and setting its sights on the $90,000-$92,000 area, which previously served as a critical support level.
On Monday morning, Bitcoin’s price moved sharply above $87,000, signaling a return to bullish momentum after being stuck in a narrow range between $83,000 and $86,000 for several days. This move indicates a continuation of the upward trajectory that began after Bitcoin’s dip below $75,000 earlier this month.
The $90,000-$92,000 range, which had acted as a strong support level from December to early February, is now the next target for the cryptocurrency. While Bitcoin fell below this zone in late February, triggering a rapid decline to under $75,000, the recent breakout suggests the possibility of revisiting this previous support-turned-resistance range.
The bullish breakout is confirmed on the hourly chart, with technical indicators showing a shift in momentum. Bitcoin has also cleared the 30-day exponential moving average (EMA), reinforcing the shift in market sentiment. Additionally, the invalidation of the previous bearish trendline, which marked the sell-off from Bitcoin’s all-time highs, further supports the idea of a trend reversal.
The focus is now on the $90,000-$92,000 zone, a key level that could determine the next phase of Bitcoin’s price action. For those following moving averages, the 200-day simple moving average (SMA) currently sits at $88,245, acting as an important support level.
However, the bullish outlook could be in jeopardy if Bitcoin falls back to $85,000 by the end of the day (UTC). It’s common for markets to retest breakout levels before pushing higher, so Bitcoin may revisit $86,000, especially given the breakout occurred during early Asian trading hours, a period of lower liquidity where fewer trades can have a more pronounced effect on price movements.
