- Bitcoin broke out of its weekly consolidation between $83,000 and $86,000, pushing past $87,000 to signal a bullish shift.
- The technical breakout indicates potential for a continued move toward the $90,000-$92,000 range, which previously served as a support zone.
- The invalidation of the bearish trendline and Bitcoin surpassing the 30-day exponential moving average confirms the bullish momentum shift.
Bitcoin has broken out of its recent trading range, surging past $87,000 early Monday in a move that signals renewed bullish momentum. The leading cryptocurrency convincingly broke free from the $83,000-$86,000 consolidation zone where it had been trading for the past week, according to technical analysis from CoinDesk analyst and Chartered Market Technician Omkar Godbole.
The decisive upward move indicates that bulls have regained control of the price action, effectively resuming the recovery that began from the April 7 lows when Bitcoin traded under $75,000. This breakout shifts market focus toward the $90,000-$92,000 range, which previously functioned as a critical support level during the December to early February period.
Technical Indicators Turn Bullish
The hourly chart clearly shows the range breakout, while the daily chart reveals the recent invalidation of the bearish trendline that had characterized the sell-off from Bitcoin’s all-time highs. Adding to the bullish picture, Bitcoin has now surpassed the 30-day exponential moving average (EMA) of price highs, a technical signal confirming positive momentum shift in the market.
“The focus, therefore, is on the $90,000-$92,000 range, the former support zone from early this year,” noted Godbole in his analysis. This price zone previously acted as a floor for Bitcoin, arresting price declines for nearly two months before eventually being breached in late February, which triggered a rapid decline to under $75,000.
Key Levels to Watch
Traders tracking moving averages should note that the 200-day simple moving average (SMA) currently sits at $88,245, representing another significant technical level just ahead of current prices. This widely-followed indicator often acts as either support or resistance depending on price positioning.
Despite the overall bullish outlook, the analysis cautions that a retreat back to $85,000 by the end of the UTC day would invalidate the positive scenario. The current technical pattern suggests that as long as Bitcoin maintains its position above this level, the path toward testing the $90,000-$92,000 range remains intact.
The cryptocurrency market will now be watching closely to see if Bitcoin can build on this momentum and reclaim the higher price range that served as key support earlier in the year, potentially setting up for another attempt at all-time highs in the coming weeks.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Metaplanet Boosts Bitcoin Holdings to $414M, Aims for 21,000 BTC
- Supreme Court Dismisses Petition For Cryptocurrency Fraud Guidelines
- Bybit Hack: Nearly 30% of $1.4B Stolen by Lazarus Group Now Untraceable
- Bitcoin Whale Wallets Surge to 4-Month High Amid Accumulation Frenzy
- Strategy Co-Founder Hints at New Bitcoin Purchase as Holdings Grow