Bitcoin Price Surges: Is BTC Set to Break $92K Soon?

Bitcoin (BTC) has shown impressive strength, rising 4.25% last week and closing above $86,000. The bullish momentum continued, pushing BTC above $88,700 on March 24. Analysts are now debating whether Bitcoin can sustain this rally and break the critical $90,000 resistance level.

Bitcoin Bulls Regain Momentum

According to Markus Thielen, founder of 10x Research, Bitcoin’s reversal indicators have turned positive, signaling a renewed uptrend. Recent data from SoSoValue also supports this bullish sentiment, showing net inflows of $744.4 million into US Spot Bitcoin ETFs last week, reversing five consecutive weeks of outflows.

Mixed Analyst Predictions

Analysts remain divided on Bitcoin’s short-term trajectory:

• Some analysts anticipate strong resistance near $90,000, potentially triggering a pullback toward $80,000.
• Arthur Hayes, BitMEX co-founder and CIO of Maelstrom, predicts Bitcoin could surge to $110,000 before correcting down to $76,500.

Technical Analysis: Key Levels to Watch

Bitcoin recently broke above the 20-day exponential moving average (EMA) at $85,572, signaling bullish strength. The next significant resistance is at the 50-day simple moving average (SMA) around $90,290. If Bitcoin can surpass this level, it could target $95,000 and eventually $100,000.

However, if BTC fails to maintain above the 20-day EMA and falls below $83,000, a deeper correction toward $80,000 could occur.

Altcoins Follow Bitcoin’s Lead

Several major altcoins are also showing signs of recovery:

• Ether (ETH): Attempting to reclaim the $2,111 level, with potential upside targets at $2,356 and $2,550.
• XRP: Bulls aim to push above $2.59, targeting a possible rally toward $3.
• BNB: Positive sentiment returns, with resistance at $644 and potential upside to $686 and $745.
• Solana (SOL): Broke above the 20-day EMA ($135), eyeing the 50-day SMA ($158) and possibly $180.
• Dogecoin (DOGE): Climbed above the 20-day EMA ($0.18), targeting $0.21 and potentially $0.24.
• Cardano (ADA): Consolidating between moving averages and an uptrend line, with potential upside to $0.84 and $1.02.
• Chainlink (LINK): Broke above the 20-day EMA ($14.60), aiming for the 50-day SMA ($16.34) and possibly $19.25.

Market Indicators: SPX and DXY

The broader market indicators also provide context:

• S&P 500 (SPX): Facing resistance at the 20-day EMA (5,742). A break above could signal the end of the recent correction.
• US Dollar Index (DXY): Rebounded from 103.37, with resistance at the 20-day EMA (104.59). A break above could indicate weakening bearish momentum.

Conclusion

Bitcoin’s recent surge has reignited bullish sentiment, but significant resistance remains near $90,000. Traders should closely monitor key support and resistance levels to gauge the market’s next move.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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