Bitcoin (BTC) has recently broken past $87,000, marking a shift from a week of stability between $83,000 and $86,000. The currency is now eyeing the $90,000-$92,000 target, a level that previously acted as a significant support zone.

What to Know:

• Bitcoin’s price exceeded $87,000, breaking out of a consolidation phase.
• The current target range is the $90,000-$92,000, previously a strong support area.
• The recent movements reflect a bullish trend as Bitcoin surpasses its 30-day average price.

This analysis is provided by analyst Omkar Godbole from CoinDesk.

The leading cryptocurrency, Bitcoin, is expected to continue its upward trajectory toward the $90,000-$92,000 mark after breaking out of a previous tightening phase. This price level was notably a strong support zone before it was disrupted in late February, leading to a decline below $75,000.

BTC’s bullish pattern BTC’s bullish pattern. (cjweaver13/Pixabay)

The momentum is indicated by the successful breach of the 30-day exponential moving average of price highs, and traders should be mindful of a critical support level situated at $88,245. A significant risk to this bullish outlook would be a drop back to $85,000 by the end of the trading day UTC.