Bitcoin Breaks Above $89,000 to Hit Its Highest Price Since Early March

Bitcoin kicked off the week with a strong rally, pushing above $89,000 to hit its highest price since early March.

Bitcoin (BTC) kicked off the week with a strong rally, pushing above $89,000 to hit its highest price since early March, according to Benzinga Pro. Now trading near $92,991 Wednesday morning, this move marks a significant recovery of nearly 20% from its April lows, especially as traditional stock markets continue to show declines.

Several major cryptocurrencies are following Bitcoin’s upward momentum. Among the top ten, Ethereum (ETH) has climbed over 1% and is now trading above $1,640. XRP is also seeing gains, up 0.6% as it tests the $2.10 mark. Dogecoin (DOGE), the popular meme coin, has jumped 3.6% and is trading above 16 cents. Solana (SOL) has added 3%, while Sui has surged by 6%.

Key Levels Shift After Bitcoin’s Surge

With Bitcoin breaking higher, key technical levels come into focus. CryptoQuant analyst Crazzyblockk explained that Bitcoin’s short-term holder cost basis, calculated around $91,500, previously acted as strong resistance.

Now that the price trades above it, this $91.5k level becomes a critical area to watch as potential new support. Further down, the $83,700 zone remains solid underlying support, bolstered by buyers who entered during recent dips.

According to the analyst, a sustained hold above $91,500 would confirm the breakout’s strength and could open the door for further upside targets. Conversely, should Bitcoin slip back below the major $83,700 support level, it could trigger renewed selling pressure from short-term traders.

"If the price moves lower and breaks the $83,700 support, we might see more short-term traders get liquidated and generate further downward pressure."

Technicals And Sentiment Remain Positive

Bitcoin’s recent powerful price movement clearly demonstrates underlying strength. Earlier brief dips, including one towards $86,400, were quickly absorbed by buyers, indicating strong interest at lower levels.

While some wave pattern analysts previously anticipated a short-term peak forming soon, the decisive push above $90,000 likely alters that immediate technical picture. Holding above former resistance zones like $86,400 now significantly reinforces the current bullish case.

However, they warn that a break below the $86,400 level could mark the beginning of a broader correction phase.

Overall market sentiment remains positive for Bitcoin, supported by the strong technical bounce, consistent ETF inflows, and the backdrop of a weakening U.S. dollar.

Traders and investors will be watching very closely to see if Bitcoin can maintain its momentum above the critical $91,500-$93,000 area and make a sustained push towards the psychological $100,000 level in the coming days or weeks.

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