As Bitcoin (BTC) gains strength and exceeds the $81,000 threshold, the Crypto market is showing bullish momentum in the Crypto Market. It is currently trading at $81,243. After the period of integration, Bitcoin recorded a small DIP at 0.45% in the last 24 hours.
The BTC price movement encourages emotional changes as Bitcoin tries to regain its previous support levels. Will Bitcoin succeed in regaining the $90,000 mark?
Bitcoin price analysis
BTC price action on daily charts shows that bitcoin’s sharp correction phase began in early 2025. After hitting around $108,000 in February, the highest cryptocurrency in the past few weeks has dropped sharply to $76,000.
During this downtrend, Bitcoin created a downward triangle. However, this setup is usually referred to as a continuation pattern during downtrends. Prices are traded within the boundaries of the channel.
Recent price actions show that prices are pushing the pattern cap. This strongly indicates that the market is ready for an imminent upward breakout.
Currently, Bitcoin is approaching the 0.382 Fibonacci level at $87,052. This serves as a major hurdle. If you complete this level, you’ll definitely think about a 0.5 move towards the Fibonacci level of $90,442.
Currently, Bitcoin prices are traded under all EMAs. This indicates that the trend is still bearish. The price is $85,331, approaching a 50-day EMA. This becomes an important level of resistance to determine future price movements.
The DMI shows measurements of 18.0020, 17.7144, and 14.3023. Measurements indicate that bullish and bearish forces are in balance for the time being. The intersection may indicate a change in trend.
Bitcoin’s immediate support level is around $76,000, with the next support at a psychological level of $80,000. Resistance levels are found for $82,858 (0.236 FIB level), $87,052 (0.382 FIB level), and $85,331 for 50-day EMA. This creates a key zone of Bitcoin’s bullish reversal.
Price target
A successful break that surpasses the descending triangle and 0.382 Fibonacci level by $87,052 can raise Bitcoin to 0.5 Fibonacci retracement at $90,442.
On the downside, if the momentum fails, there could be a retest of triangle support of around $76,000. A break below this level could increase sales pressure and could push prices up to the next major support at the 0 Fibonacci level of nearly $72,000.
Bitcoin ETFs cannot flip daily Netflow
On April 10, the US Bitcoin Spot ETF recorded a daily net outflow of $14.966 billion. The Grayscale Mini Bitcoin Trust has recorded an influx of $98.7 billion. Fidelity rose a $74.63 million outflow followed by a Grayscale Bitcoin Trust, with a $44.63 million outflow.
There are ARK and 21 shares, as well as $12.69 million and $10.82 million in Bitwise registered, respectively. Additionally, Franklin and Invesco recorded outflows of less than $10 million.
The Bulls gradually gain power with Bitcoin futures
Within the last 12 hours, the long position has skyrocketed from 49.45% to 50.8%. This will result in a short-term ratio of 1.035.
However, the volume cannot be triggered, reflecting a decline in trader profits. The short volume at 12 hours fell to $23.34 billion.
