Bitcoin, the leading cryptocurrency, has risen above $87,000 for the first time in over two weeks, with BTC prices rising above $87,000 for the first time, due to increased global liquidity and updated institutional appetite.
At this point, BTC prices have broken the weekly consolidated range of $83,000 to $86,000, exceeding $87,000.
While wondering whether this Bitcoin rise is a trap or a signal for a permanent recovery, market analyst Omkar Godbole said that Bitcoin was split from the consolidated range, changing its focus to $90,000 and $92,000.
Bitcoin focuses on the $90,000 to $92,000 range, which previously served as a strong support, and has broken up from its recent integration range.
BTC maintained this range until the end of February, then dropped to a $76,000 level. However, it showed sharp and rapid movements by falling below these levels in late February.
Bitcoin is currently breaking above the high price 30-day index moving average (EMA), indicating a shift to bullish momentum.
It says that the main focus of BTC is currently between $90 and $92,000. Analysts also noted that the 200-day Simple Moving Average (SMA) is currently at $88,245.
Analysts finally said that Bitcoin will provide an upward change signal, but if prices return to $85,000 by the end of the day, this bullish view is ineffective and the rise could be reversed.
*This is not investment advice.
