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Bitcoin continues its strong upward trajectory, currently trading at $87,999 on Binance. The flagship cryptocurrency has successfully rebounded from March lows near $78,000, breaking past the $83,000 resistance level. The price action suggests sustained bullish momentum, with key indicators pointing toward further upside movement.
Technical Insights: Bitcoin’s Steady Ascent
Data from TradingView highlights a consistent bullish trend between March 17 and March 25. Bitcoin’s price remains above $83,000, supported by small-bodied candles and minimal selling pressure. The volume indicator shows rising market participation, reinforcing strong bullish confidence.
Key technical indicators also support the positive outlook:
- RSI (Relative Strength Index): Currently at 53.65, indicating moderate bullish momentum with room for further gains.
- MACD (Moving Average Convergence Divergence): A bullish crossover, with growing green histogram bars confirming upward pressure.
- Candlestick Patterns: Higher lows and controlled price expansion signal persistent demand.
Bitcoin now approaches the crucial $91,300 resistance level, a point of previous rejections in January and February. The breakout zone between $83,000 and $88,000 has now turned into a strong support level, paving the way for potential higher gains.
Market Analyst Insights: Will Bitcoin Break $91,300?
Prominent crypto analyst CrypNuevo identifies $91,300 as the primary resistance level. Historical data suggests this level acted as a strong barrier during previous trading sessions. A confirmed breakout above this zone could trigger a stronger rally.
Further analysis from CrypNuevo highlights a bounce from the 1-week 50 EMA, with strong buying pressure observed. The support zone between $78,000 and $83,000 has acted as an accumulation phase, with minimal downside corrections. Short candle wicks reflect controlled buying, suggesting continued demand.
Outlook: Can Bitcoin Sustain Its Bullish Trend?
Bitcoin’s price structure remains bullish, supported by increasing trading volume and strong accumulation. The focus now shifts to whether buyers can break the $91,300 resistance level. If breached, Bitcoin could see an extended rally toward new highs, reinforcing its dominant market position.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Peter Schiff Warns: Bitcoin Could Crash to $10K as Gold Surges
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
