‘All Bets Off’ If Bitcoin Reclaims This Level, But Analysts Warn Of Potential Rejection

Rubmar Garcia

1 month ago

3 mins read

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This week’s market recovery has seen Bitcoin (BTC) surge over 10% to retest a key barrier for the first time in weeks. Amid this performance, some analysts suggest that the flagship crypto is about to restart its bullish rally, while others consider that holding key levels will determine BTC’s next step.

Bitcoin Reclaims Its ‘Ultimate’ Level To Break

Bitcoin has recovered from its early April sub-$80,000 correction after surging 11% in the past week. On Friday, the largest crypto by market capitalization reclaimed the $85,000 barrier, which has served as a key barrier since late March.

Since Friday, BTC has climbed several key levels, breaking above the $90,000 resistance on Tuesday and holding it for the past 24 hours. Analyst Daan Crypto Trades pointed out that Bitcoin has a “solid breakout back into the previous range and above the Daily 200MA/EMA.”

Notably, the cryptocurrency has been trading within a significant area over the past weeks, as it has been retesting its multi-month downtrend line and the Daily 200 Exponential Moving Average (EMA) and Moving Average (MA).

After the Thursday pump that kickstarted the ongoing recovery, Bitcoin broke out of its four-month downtrend. The cryptocurrency bounced from the Daily 200EMA to shortly consolidate below the Daily 200MA before breaking above this level yesterday.

This sent the cryptocurrency toward the bull’s “ultimate level to break,” the $90,000-$91,000 range. However, the analyst suggested that Bitcoin must keep holding that region to confirm the breakout isn’t “just a liquidity grab to fall back down below.”

Moreover, he also stated that BTC’s daily closes should stay above these levels “ideally,” and that “some consolidation up here to regain fuel and attempt higher would be perfect” for a rally continuation.

Ali Martinez also highlighted BTC’s price performance, which is trading near its yearly opening of $93,500. The analyst asserted that this level was a strong support throughout the post-election breakout but noted that it “could now flip into key resistance” if it isn’t reclaimed.

Analysts Eye BTC’s Weekly Close

Crypto Jelle called the $93,500 resistance the bear’s “last line of defense,” stating that once BTC recovers that level, “all bets are off.”

Meanwhile, Rekt Capital noted that Bitcoin has been “rallying in an effort to resynchronize with its former ReAccumulation Range and confirm the end of its first Price Discovery Correction.”

He highlighted that after yesterday’s performance, BTC is near the end of its downside deviation, affirming that the cryptocurrency needs to stabilize above the $93,500 level.

To achieve this, Bitcoin needs a weekly close above this crucial level and reclaim it as a new support. He also highlighted that it is repeating its mid-2021 price performance “fantastically well.”

The analyst previously explained that in 2021, Bitcoin consolidated between the two biggest bull market Exponential Moving Averages (EMAs), the 21-week and 50-week EMAs, before breaking out from the triangular structure and resuming its rally.

Now, BTC is breaking out from the range formed by the two Bull Market EMAs, which “wasn’t just anticipated back in mid-2021 as it was happening but also in this cycle as well.” Rekt Capital concluded that a Weekly Close above $87,000 “will position BTC for a confirmed breakout.”

As of this writing, Bitcoin trades at $93,459, an 8.2% surge in the monthly timeframe.

bitcoin, btc, btcusdt — Bitcoin’s performance in the one-week chart. Source: BTCUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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