Bitcoin (BTC) surges 10%, is this the start of a crypto revival?

Jakarta, Pintu News – In recent days, Bitcoin has shown a significant increase by surpassing the $92,500 zone. This increase marks one of the biggest positive moves in recent times, fueling speculation about a potential crypto market recovery. This analysis will delve deeper into the current dynamics of Bitcoin (BTC) price and its implications for the market.

Bitcoin (BTC) Price Increase

Bitcoin (BTC) managed to maintain stability above the $85,000 level before starting a new leg up. The crypto managed to break the $88,000 and $90,000 resistances, which paved the way for more gains. After crossing the $92,000 resistance, Bitcoin (BTC) even briefly touched the $94,000 resistance zone.

Currently, Bitcoin (BTC) price is consolidating above the 23.6% Fibonacci retracement level of the last bull run that started from a low of $86,400 to a peak of $93,888. With current trading above $91,500 and an hourly simple moving average of 100, there is a bullish trend pattern forming with support at $90,150 on the hourly chart of the BTC/USD pair.

Immediate resistance is near $93,500, with the first key resistance at $94,000 and the next at $95,000. A close above the $96,500 resistance could push prices higher to reach $97,500, and further upside potential could touch $98,000.

Also Read: Gold or Bitcoin: Which is a Safe Investment Amid US-China Tensions?

Bitcoin (BTC) Price Correction Potential

If Bitcoin (BTC) fails to break the $94,000 resistance zone, there is a possibility of a downward price correction. Immediate support is near $92,000, with the next major support at $91,500. Further support is at the $90,150 zone, which is also where the trendline and the 50% Fibonacci retracement level of the last rise meet. A further drop could take the price towards the $88,800 support in the near term, with the key support being at $87,500.

Technical Indicators

The hourly Moving Average Convergence Divergence (MACD) indicator is currently showing acceleration within the bullish zone, signaling positive momentum. Meanwhile, the Relative Strength Index (RSI) for the BTC/USD pair is above the 50 level, indicating strength on the buyers’ side. The key support levels are at $92,000, followed by $90,150, while the key resistance levels are $94,000 and $95,000.

Conclusion

The recent rise in the price of Bitcoin (BTC) gives new hope to investors and market watchers who have been waiting for a recovery in the crypto market. Although there is still a possibility of a correction, the current trend shows strong potential for further growth. Investors and analysts should continue to monitor technical indicators and market developments to make informed investment decisions.

Also Read: Polkadot (DOT) Preparing to Surpass Resistance, Is it Time to Buy?

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• NewsBTC. Crypto Comeback: Bitcoin Surges to $92K. Accessed on April 23, 2025
• Featured Image: Generated by AI