Bitcoin Breaks $85k Barrier: Will BTC Price Hit $91k?

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Bitcoin Breaks k Barrier: Will BTC Price Hit k?

Bitcoin at $85,631 records an intraday recovery of 1.24%. This marks a bullish continuation after a price surge of 1% on Monday. 

This week, Bitcoin has created two consecutive bullish candles, surpassing the 200-day EMA line at $85,000. With this new recovery rally, is Bitcoin heading towards the $87,000 level breakout? Let’s find out.

Bitcoin (BTC) Price Analysis

In the daily chart, the BTC price trend has surpassed the local resistance trendline. Furthermore, the V-shaped recovery in Bitcoin starting from the $76,000 mark has concluded the long pullback phase. 

Bitcoin Price Chart
Bitcoin Price Chart

Currently, the trendline breakout rally in Bitcoin is facing opposition from the 50-day EMA at $85,500. The bullish struggle continues as buyers struggle for an extended rally to avoid the death cross between the 50- and 200-day EMA lines. 

Currently, the BTC holds the ground at the 23.60% Fibonacci level near the $83,000 mark. Furthermore, the pullback of nearly 2% on Sunday, followed by the bullish recovery, highlights a post-retest reversal from the $83,000 level. 

As the recovery trend gains momentum, the MACD and signal lines give a positive crossover. Additionally, the new wave of bullish histograms in the momentum indicator reflects a high possibility of a bullish extension. 

The uptrend is aiming to challenge the 100-day EMA close to the 38.20% Fibonacci level at $87,673. This stands as the immediate resistance in the Bitcoin price recovery. 

In case of a bullish breakout, the uptrend will likely scale to the 50% Fibonacci level near $91,201. On the flip side, the crucial support remains at the $83,000 mark, coinciding with the 20-day EMA line.

Institutional Support Resurfaces For Bitcoin

Days after the 90-day pause in the direct war, the U.S. institutional support is resurfacing for Bitcoin. On April 14, the daily total net inflow of U.S. Bitcoin spot ETFs stood at $1.47 million, while most of the ETFs remained on the sidelines. 

With a net-zero flow, BlackRock and Fidelity witnessed diverging flows. BlackRock recorded an inflow of $36.72 million, while Fidelity recorded an outflow of $35.25 million. 

The seven-day streak of consecutive outflows ends in Bitcoin spot ETFs. Currently, the Bitcoin ETFs hold a net total of $94.69 billion.

Whales Added Up $467M BTC Yesterday

As per the recent tweet by IntoTheBlock, $467 million worth of Bitcoin was withdrawn from exchanges yesterday. This marks a significant level of accumulation by major investors. 

As the accumulation spree begins, the inflated demand for Bitcoin is likely to pump up the market crisis.

Sahil MahadikSahil Mahadik
Written by
Sahil Mahadik

As a full-time trader with over three years of hands-on experience in the financial markets, I have honed an exceptional proficiency in technical analysis, which is the cornerstone of my daily monitoring of price fluctuations in leading assets and indices. My journey into trading began with a deep fascination for financial instruments, and this curiosity naturally expanded into the ever-evolving world of cryptocurrencies. I am currently contributing to CryptoNewsZ and have also written for Coingape, The Coin Republic and TheMarketPeriodical. I am driven by my passion for the markets and want to explore new opportunities, I analyze emerging trends and strategies to get maximum returns in traditional and crypto markets.


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