Market analysts say Bitcoin’s (BTC) is building up after its 7% rally above $72,000 on Tuesday, with bulls eyeing further gains to $90,000 amid improving macro sentiment.
Key takeaways:
BTC price builds a bullish structure after reclaiming $72,000, as a symmetrical triangle breakout targets $90,000.
Binance taker buy volume exploded by $2.7 billion in two hours after the US-Iran ceasefire, signaling strong aggressive buying by bulls.
BTC price “builds a bullish structure”
Bitcoin’s latest rally saw it reclaim key support areas, including the $68,000 zone where the 200-week exponential moving average and the 50-day simple moving average converge.
Related: Bitcoin wallets absorb 4.37M BTC as network activity flips to ‘bull phase’
“Bitcoin breaks through the crucial $71K level and builds a bullish structure,” MN Capital founder Michael van de Poppe said in a post on Wednesday.
The analyst further pointed out that the next crucial resistance zone is $80,000 and that holding the support at $70,000 was required to secure the recovery toward $90,000, as shown in the chart below.
“That would strengthen the entire theory of higher lows, higher highs, and continue the momentum upwards.”BTC/USD daily chart. Source: X/Michael van de Poppe
From a technical perspective, BTC/USD is validating a symmetrical triangle after breaking above its upper trend line at $70,000 on Tuesday.
A daily candlestick close above this level would confirm the breakout, with the next line of resistance being the $76,000 range high.
Above that, bulls will have to contend with resistance at $80,000 before pushing Bitcoin price toward the measured target of the triangle at $90,000, 25% above the current price.
BTC/USD daily chart. Source: Cointelegraph/TradingView
The daily relative strength index, or RSI, has increased to 56 from oversold conditions at 15 reached on Feb. 6, suggesting increasing bullish momentum.
As Cointelegraph reported, maintaining above $69,500 in the near term is crucial for the bulls to sustain the recovery.
Bitcoin bulls are “buying aggressively”
Bullish sentiment could be returning to Bitcoin as a key metric…
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