BTC’s price bullishly closes above a 3-month-long bearish trendline and continues its strong upward trajectory on the weekly timeframe. This crypto surge caused the price to break above $86,000, prompting analysts to expect a forthcoming retest of the $90,000 level. From the bulls’ perspective, technical indicators and market trends indicate continued bullish momentum, although consolidation might be in the cards.
The BTC USD price has shown huge strength, breaking through several resistance levels and forming a distinct uptrend. The retest from last week and subsequent bounce off the MA50 further confirms the bullish outlook. The price action has been stuck inside a major springboard box since December 2024. It’s a healthy move, heralding a short spell of consolidation prior to the breakout we’ve seen above.
Even More Bullish Moving Averages are about to cross and start making higher highs, further supporting the bullish market structure. This structural alignment reaffirms the bullish run as the price discovers new highs. The recent surge has introduced an unprecedented level of investor interest and speculation. You can see this by the spike in Google Trends searches for Bitcoin Price Action, Bitcoin Price Technical Analysis.
The 1-day chart offers a much more detailed perspective on BTC’s performance over the last day or so. That first huge daily wick from the February sell-off is now fully filled. This paints a picture of a robust recovery from all the make-or-break past market turbulence. The MA50 recently made an intersection with the BTC USD price, this line has always provided dynamic support.
As much as the overall trend is positive, any bullish wave is met with speculation about what retracement will look like. First, a retest of the $86,000 level is expected and second, there is still the potential for a deeper pullback to the $78,000 level. Relative Strength Index (RSI) indicates that the market may require time to cool off. This can only result in either a consolidation phase or a small correction.
