Leading cryptocurrency Bitcoin started the new week on a high, with the BTC price rising above $87,000 for the first time in more than two weeks, driven by increased global liquidity and renewed institutional appetite.
At this point, the BTC price broke the one-week consolidation range of $83,000-$86,000 and rose above $87,000.
While people are wondering whether this rise in Bitcoin is a trap or a signal of a permanent recovery, market analyst Omkar Godbole said that Bitcoin has broken out of the consolidation range and turned its focus to $90,000 and $92,000.
Bitcoin has broken out of its recent consolidation range, focusing on the $90,000 to $92,000 range that previously served as strong support.
BTC maintained this range until the end of February before falling to levels of $76,000. However, it exhibited sharp and rapid movements by falling below these levels in late February.
Bitcoin has currently broken above the 30-day exponential moving average (EMA) of its price highs, signaling a shift towards bullish momentum.
Stating that the main focus on BTC right now is $90-92,000, the analyst also pointed out that one should not forget that the 200-day simple moving average (SMA) is currently at $88,245.
The analyst lastly said that although Bitcoin gives an upward change signal, if the price falls back to $85,000 by the end of the day, this bullish view will be invalid and the rise may reverse.
*This is not investment advice.