Bitcoin Surges 15% Past $87,000, Eyes $90,000-$92,000 Range

On April 21st, a prominent analyst, Omkar Godbole, highlighted a significant shift in Bitcoin's trading pattern. The cryptocurrency, which had been trading within a narrow range, showed bullish signs early on Monday, with the focus now on the $90,000-$92,000 range. This range had previously acted as a strong support area, preventing further price declines from December last year to early February this year.

Bitcoin's price surged past $87,000, breaking out of a consolidation phase that had kept it between $83,000 and $86,000 over the past week. This breakout indicates that the recovery from the April 7th low, which saw prices dip below $75,000, has resumed. The bullish momentum suggests that Bitcoin could continue to rise towards the $90,000-$92,000 range, which had previously served as a critical support level.

The bearish trendline drawn from the all-time high on the daily chart has been invalidated by this breakout. Additionally, Bitcoin has surpassed the price peak of the 30-day Exponential Moving Average (EMA), further indicating a shift in momentum to the bullish side. This development has shifted the focus to the $90,000-$92,000 range, which was a support zone earlier this year.

Investors who closely monitor moving averages should take note that the 200-day Simple Moving Average (SMA) is currently at $88,245. If the price falls back to $85,000 before the end of the day, the bullish outlook could face the risk of invalidation. This underscores the importance of monitoring key support levels as Bitcoin continues its upward trajectory.