Bitcoin Breakout Points to Possibility of BTC Growth to $90-$92K: Technical Analysis
The cryptocurrency is likely to target the $90,000-$92,000 range, which has previously served as a significant support zone.
Author: Omkar Godbole | Edited by: Parikshit Mishra Updated: April 21, 2025, 02:21 PM Published: April 21, 2025, 07:48 AM
Key points:
- Bitcoin's price has surpassed $87,000, confidently emerging from a week-long consolidation between $83,000 and $86,000.
- The cryptocurrency is likely to target the $90,000–$92,000 range, which has previously been a significant support zone.
- The bullish trend is confirmed by Bitcoin's breakout above the 30-day exponential moving average of price highs.
This is a daily technical review from CoinDesk analyst and certified market technician Omkar Godbole.
Bitcoin (BTC)'s recent range-bound trading ended higher on Monday morning, redirecting attention to the $90,000-$92,000 range that had previously acted as a significant support zone.
The leading cryptocurrency by market cap has risen above $87,000, firmly breaking out of a week-long consolidation between $83,000 and $86,000. The renewed bullish activity points to a rebound in price action from the April 7 lows below $75,000.
This also implies potential for further gains towards the $90,000-$92,000 range, which previously served as support, preventing prices from falling from December to early February. This support zone was broken in late February, leading to a sharp fall below $75,000.
The breakout of the range can be seen on the hourly chart (left).
This comes after the recent reversal of the bearish trendline associated with the sell-off from record highs, as seen on the daily chart. BTC also surpassed the 30-day exponential moving average (EMA) of price highs, indicating a bullish shift in momentum.
Thus, the focus is on the $90,000-$92,000 range, which has been a support zone since the beginning of this year. Those tracking moving averages should note that the 200-day simple moving average (SMA) currently stands at $88,245.
The optimistic forecast could be in jeopardy if prices fall to $85,000 by the end of the day (UTC).
Markets tend to revert to breakout levels before launching larger rallies, implying that BTC could once again reach $86,000 – especially given that the breakout occurred in the early hours of the Asian session when liquidity is typically low.
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