Bitcoin Price Analysis: Can BTC’s Latest Breakout Carry It Past $90,000?
Bitcoin (BTC) began Monday on a bullish note as it surged past $87,000, breaking out of a week-long consolidation phase between $82,000 and $86,000. The flagship cryptocurrency is up over 2% after the Dollar fell thanks to a perceived threat to the Federal Reserve’s independence after President Donald Trump’s comments on Fed Chair Jerome Powell.
BTC is targeting a move past $90,000 during its latest rally. The level previously served as a strong support zone.
Bitcoin (BTC) Can Still Claim $90,000
Bitcoin (BTC) has registered a sharp jump during the ongoing session, rekindling hopes of a move to $90,000. Analysts are confident the flagship cryptocurrency can push to $90,000 if it can break past key levels. One analyst explained that while BTC has shown positive signs in recent sessions, these trends are not enough to suggest a definitive break in the downtrend, especially as it is yet to claim key levels. According to the analyst, BTC must clear and consolidate above $86,000 to establish a path to $90,000. The flagship cryptocurrency also faces resistance around $88,000.
However, if BTC turns bearish, the downside could persist longer as sellers lower the price. According to the analyst, if the price turns bearish, it could drop to the first resistance level at around $83,000. However, BTC has held firm above these levels, indicating strong support.
“But, regarding 88,800, we will have to watch the price reaction. A sharp approach with the purpose of primary testing of the level may end in a false breakout and correction.”
Can Bitcoin Follow Gold’s Trajectory?
Gold surged to a new all-time high as investors flocked to safe-haven assets thanks to growing economic uncertainty. A boost in Gold prices could indicate a similar pattern for crypto, specifically Bitcoin, considering it is often viewed as a safe haven asset. Bitcoin surged past $87,000 as Gold hit new highs, with analysts expecting a move past $90,000 if current sentiment persists.
Bitcoin has often been called “digital Gold” by experts and investors, with even Federal Reserve Chair Jerome Powell stating it was a competitor for Gold due to how both assets are viewed as a store of value. Cathay Wood, CEO of ARK Investment Management, believes BTC’s market cap will soon surpass the market cap of Gold. The CEO stated a few months prior,
“At $2,700, Gold is a $15 trillion market, compared to Bitcoin at only $2 trillion. Even after breaking through $100,000, Bitcoin still is in the early innings.”
Most Bitcoin Service Providers In El Salvador Inoperational
El Salvador’s Bitcoin pivot has stalled, with almost 90% of Bitcoin businesses in the country inoperational, according to a report by El Mundo. The report cited data from the Central Reserve Bank, which showed that out of 181 companies registered to offer Bitcoin services in the country, 161 are not operational, with only 20 firms still operational. The report states that at least 22 of the inactive service providers may have failed to meet regulatory standards outlined in Article 4 of the Bitcoin Law Regulation. Article 4 requires crypto businesses to operate with high standards of integrity and honesty. It also requires service providers to have anti-money laundering programs, clear records of assets and liabilities, and cybersecurity systems that are adapted to the nature of services offered.
The numbers are a sobering reality of El Salvador’s ambitious pivot towards Bitcoin. The country became the first in the world to make BTC legal tender, drawing criticism, concern, and praise from various quarters.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) surged to its highest level since March 28, when it reached $87,826, before marginally declining to its current level. The flagship cryptocurrency is now up 16% from its 2025 low when it dipped below $75,000. While BTC’s price action is nothing out of the ordinary, it is significant as it takes it beyond a trading range in which it was stuck since last week. Scott Melkar stated,
“Bitcoin is breaking out, while Nasdaq futures are down 1%.”
Analysts also pointed out that BTC’s latest rally and Gold’s push to a new all-time high strengthened the correlation between the two assets. According to the Kobeissi Letter, the narrative in Gold and Bitcoin is aligning for the first time in years.
“The narrative in both Gold and Bitcoin is aligning for the first time in years. Gold has hit its 55th all-time high in 12 months, and Bitcoin is officially joining the run. Gold and Bitcoin are telling us that a weaker US Dollar means more uncertainty is on the way.”
The US Dollar Index, a measure of the greenback against a basket of six major currencies, has registered a drop of 10% since the start of the year as trade tensions escalate. Markus Thielen, founder of 10x Research, stated,
“The move in bitcoin to $87,000 appears to be driven by a sharp drop in the US dollar and a +2% rally in Gold, both triggered by Trump's push to replace Fed chair Powell. While a trade deal with Japan may be announced soon, the key catalyst today is the perceived threat to Fed independence.”
BTC was relatively quiet the past week as it settled into a trading range after witnessing considerable movement the previous weekend. The flagship cryptocurrency surged almost 5% on Friday (April 11), crossing $80,000 and the 20-day SMA and settling at $83,370. Buyers retained control on Saturday as BTC crossed the 50-day SMA and settled at $85,378. Despite the momentum, price action turned bearish on Sunday as BTC fell almost 2%, slipping below the 20-day SMA and settling at $83,776. Buyers returned to the market on Monday as the price rose 1.10% to $84,619. BTC surged to an intraday high of $85,533 but fell back after reaching this level, dropping 1.08% and settling at $83,701.
Source: TradingView
The price recovered on Wednesday, registering a marginal increase, and continued to push higher on Thursday, rising 1.11% to cross the 50-day SMA and settle at $84,962. Selling pressure returned on Friday as the price fell 0.52% to $84,518. Market sentiment changed over the weekend, and BTC recovered, rising almost 1% on Saturday to reclaim $85,000 and settle at $85,033. The price continued to push higher on Sunday, registering a marginal increase and moving to $84,240. The current session sees BTC up over 2% and trading at $87,098. Buyers will look to maintain control and build momentum for a push to $90,000.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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