Bitcoin's Breakout Signals BTC Potentially Rallying to $90K-$92K: Technical Analysis

The cryptocurrency is likely targeting the $90K-$92K range, which previously served as a strong support zone.

• Bitcoin's price surged past $87,000, breaking out of a week-long consolidation between $83,000 and $86,000.
• The cryptocurrency is likely targeting the $90,000-$92,000 range, which previously served as a strong support zone.
• A bullish momentum is indicated by Bitcoin surpassing the 30-day exponential moving average of price highs.

Bitcoin's recent surge has propelled its price beyond $87,000, shattering a previous week's trading range between $83,000 and $86,000. As per technical analysis predictions, Bitcoin seems poised to aim for the $90,000-$92,000 threshold which had historically served as a robust support level.

The breakthrough is fueled by a bullish trend indicated by Bitcoin surpassing the 30-day exponential moving average of its price highs. This momentum hints at a potential further climb towards the $90,000-$92,000 range, which was a reliable floor guarding against price downturns from December to early February. While this support line was breached in late February leading to a rapid drop below $75,000.

The hourly chart clearly illustrates the breakout of this established range. Market observers are closely monitoring the $90,000-$92,000 bracket as it had previously acted as crucial support earlier in the year. Additionally, traders keeping an eye on moving averages should take note that the 200-day simple moving average (SMA) now stands at $88,245.

However, this optimistic projection could falter if prices backtrack all the way to $85K before today ends (UTC).