Bitcoin Breaks Through $87,000: Bullish Momentum Shifts Focus to $90,000-$92,000 Range

In a recent analysis by CoinDesk expert Omkar Godbole, Bitcoin’s trading pattern has exhibited a notable shift towards a more bullish sentiment. Following a period of consolidation between $83,000 and $86,000, Bitcoin has decisively broken past the $87,000 barrier, rekindling interest as it approaches the key resistance zones of $90,000 to $92,000. This range, previously acting as a robust support level from late December to early February, may provide insights into potential price behavior moving forward.

The invalidation of the bearish trendline stemming from Bitcoin’s all-time high, alongside a breakout above the 30-day Exponential Moving Average (EMA), suggests a potential shift towards a bullish trajectory. In the context of market indicators, the 200-day Simple Moving Average (SMA), currently positioned at $88,245, serves as a critical reference point. Should prices retreat to $85,000 by day’s end (UTC), the optimistic outlook for Bitcoin could be jeopardized.