Bitcoin (BTC) price hovered near $87,300 on March 24

BTC analysts pointed to converging technical and macroeconomic signals that could trigger a BTC price breakout by late April

Bitcoin (BTC) price hovered close to $87,300 on March 24, with converging technical and macroeconomic signals hinting at a breakout by late April, according to BTC analysts.

Bitcoin Price Consolidates As Bulls Set For Explosive April Move

BTC price remained in a tight trading range despite briefly reclaiming $87,000 on March 20.

A confluence of resistance levels near $85,600 capped bullish momentum. The 1.8% drop over the last 24 hours marked a continuation of the broader sideways movement.

Bitcoin price fell wedge pattern sparks bullish expectations

Technical analyst Mister Crypto posted on X, highlighting a falling wedge pattern in Bitcoin’s recent price structure.

The pattern - formed by lower highs and lower lows - is typically associated with decreasing bearish momentum.

According to his analysis, a confirmed breakout from the falling wedge could push prices up by 77%.

"On average, BTC rallies 67.5% over 54 days after a falling wedge breakout,"

Another independent analyst, Cas Abbé, observed that BTC price formed a double-bottom near $80,000 after a 30% retracement from January highs.

Abbé anticipates a short-term move toward $90,000-$92,000, followed by a correction before the next leg higher to $150,000.

Correlation With Global M2 Signals Late April Rally

Macro analyst "The M2 Guy" provided a liquidity-driven angle, linking BTC’s trajectory to changes in global M2 money supply.

According to his post, Bitcoin's price shows a strong correlation with a 107-day offset of the M2 chart.

He projects a vertical rally beginning around April 30, backed by a sustained increase in global liquidity.

The surge, he claims, could extend for two months if macro trends persist.

While not pinpointing a price, he previously suggested a move beyond $140,000 remains plausible under current liquidity conditions.

Exchange Outflows Highlight Rising Investor Confidence

Meanwhile, investors appear to be positioning for long-term gains.

On-chain analyst Ali Martinez flagged the transfer of 10,000 BTC - worth approximately $842.9 Million - from exchanges to self-custody wallets.

Martinez described the move as a "strongly bullish" signal.

"This is a significant shift in investor behavior," he added.

Exchange outflows often reflect long-term accumulation and reduced selling pressure, aligning with sentiment that BTC is poised for higher valuations.

Derivatives data from Coinglass supports the bullish view. Bitcoin open interest dipped 1.77% to $51.98 Billion, while options interest fell 0.54% to $33.51 Billion.

However, short liquidations - totaling $806,000 over 12 hours - outpaced long liquidations, suggesting that bulls are absorbing sell pressure.

The long-short ratio stayed close to neutral at 0.9589, with Binance and OKX slightly preferring long positions.

Despite the optimism, BTC price remains vulnerable without a clean break above $90,000. According to price data, resistance zones lie near $86,800 and $90,774.

Analysts warn that failure to hold above $83,500 could trigger a deeper pullback.