Bitcoin (BTC) Seeks 14% Rally If This Important Resistance Threshold Is Broken

Bitcoin (BTC) has posted a near 5% climb this week, taking back significant support levels and encouraging analysts with hopes that the major breakout remains in the future.

Bitcoin's Bullish Momentum Builds

Following several rejections at the $84,000-$85,000 range in recent weeks, BTC was able to retake this area over the weekend. The cryptocurrency currently trades between $86,000-$88,000, with a temporary high of $88,765—its highest in two weeks.

Analyzing the market situation Alex Clary observes three key signs pointing towards strength through an RSI divergence and a V-shaped recovery together with a break of downtrend boundaries.
A definitive price hike exceeding $90,000 would generate an 8-14% increase to potentially propel BTC toward $95,000-$100,000 range.

BTC immediately correlates with the S&P 500 index as well as the overall market sentiment.
Market expert Daan Crypto Trades establishes that Bitcoin tracks the S&P 500 (SPX) movements closely since the previous few weeks thereby driving the market fluctuations. Spot market demand for BTC remains robust at present thus indicating potential new local price highs as long as current market levels are sustained.

Critical Weekly Close Imminent

Analyst Rekt Capital stresses that Bitcoin requires finishing the week beyond $88,400 (the 21-week EMA) to validate an upward trend reversal.

BTC might advance to the $93,500 re-accumulation range low if it succeeds in retesting at this stage.
If Bitcoin fails to support $93,500 it could trigger another downward deviation similar to the mid-2021 crash which lost -55% of value.

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