The crypto market displayed a blend of bullish momentum and sector-driven outperformance, signaling a potential shift after recent periods of consolidation. Bitcoin continued to command the spotlight, rising by 0.25% over the last 24 hours and briefly breaking above the $94,000 mark. This move, marked by renewed buying interest from the investors and a notable whale accumulation on major exchanges, points to growing confidence in crypto’s largest token amid signs of a broader market reversal.
On the other hand, spot Bitcoin ETFs have purchased almost 25,000 BTC over the last 3 days, worth over $2.3 billion. BlackRock alone bought over $320 million worth of Bitcoin, accumulating nearly 12,500 BTC. Despite this, the BTC price is trading just below a key supply zone after a falling wedge breakout. Therefore, now the question arises whether the price will trigger a breakout above the range, as a confirmed breakout could fuel more upside. Meanwhile, a downside risk remains until the breakout is confirmed.
After rising from the falling wedge, the BTC price surged over 12% and is struggling to rise above the resistance zone between $94,129 and $94,800. Although the OBV remains elevated, suggesting a continuation of a bullish trend, a failure from these levels could trigger a short-term correction. The RSI is displaying a bearish divergence before entering the overbought range, hinting towards a potential drop. On the other hand, the MACD suggests a drop in the buying pressure, but the levels have risen into the positive range for the first time since February, which has kept the bullish hopes alive.
Currently, the BTC price is facing a key barrier near $94,500 to $95,000, and a repeated test has failed to produce a clean breakout. However, the upside momentum remains strong as long as it holds above $89,800, as a strong drop below the range may open room towards $86,800. Meanwhile, the macro trend remains positive, with ETF inflows and whale buying offsetting minor technical pullbacks.
Therefore, the bullish setup remains in play if BTC consolidates above $92,000 and $93,000, and a breakout above $95,000 could quickly retest all-time highs.
