Bitcoin’s breakout signals a potential upward move towards $90K-$92K, as per technical analysis.

Bitcoin Breaks Out, Eyes $90K-$92K as Bulls Regain Control

Bitcoin (BTC) has broken through its recent consolidation range, turning its attention toward the $90,000-$92,000 level, a previous support zone that could now act as a key resistance area.

On Monday morning, Bitcoin surged past the $87,000 mark, breaking free from a tight range between $83,000 and $86,000 that had held the price for most of the past week. This sharp move upward signals a return of bullish sentiment and a continuation of the recovery that started after Bitcoin dipped below $75,000 earlier this month.

The $90,000-$92,000 zone, which had previously served as a solid support level from December through early February, is now the next key target. Though this level was breached in late February, leading to a sharp decline to under $75,000, Bitcoin’s latest rally suggests a potential retest of this support-turned-resistance area.

The breakout is evident on the hourly chart, confirming the shift in market dynamics. Bitcoin has also surpassed its 30-day exponential moving average (EMA), further supporting the bullish outlook. Additionally, the invalidation of the downward trendline from Bitcoin’s all-time highs points to a potential trend reversal.

The focus now shifts to the $90,000-$92,000 range, which is seen as a crucial level for both bulls and bears. For those tracking moving averages, the 200-day simple moving average (SMA) is currently at $88,245, providing another key level to watch for support.

That said, the bullish trend could be at risk if Bitcoin retraces to $85,000 by the end of the day (UTC). It’s also common for markets to revisit breakout points before continuing their upward trajectory, so a pullback to $86,000 is possible. This could be especially true since the breakout occurred during early Asian trading hours, a period of lower liquidity where fewer trades can move the price more significantly.