- Bitcoin holds a strong spot premium, signaling a potential move toward the $90K range in the coming days.
- The price remains in an upward trend, though key resistance levels could still impact the next breakout.
- Increased investor interest and ETF optimism are pushing Bitcoin’s momentum to new heights.
Bitcoin (BTC) is on the rise again after showing some strength and a healthy spot premium during the latest rally. In an X post on Tuesday, Daan Crypto Trades revealed that if Bitcoin maintains this premium when slowly retreating towards the $90k price range, then there could be grounds for a high move.
Bitcoin-Equities Correlation
Daan pointed out that the price of Bitcoin continues to have a strong association with the equities market. This connection brings some level of risk because fluctuations in the external environment may define crypto trends. He opines that ‘the process of penetrating the existing barriers is the magic weapon that will trigger a new up-cycle’. In the meantime, optimism is tentative and the prevailing sentiment displayed by traders.
The recent bounce has brought about increased interest across the crypto markets again. Following a period of consolidation and uncertainty, the latest move on Bitcoin has captured the attention of both intraday speculators as well as the large vested interest. Several interpret this as the possibility of the next leg up commencing.
Market analyst Micheal van de Poppe has also provided an optimistic bias. He said that the movement of Bitcoin at the moment is moving in the “long-term upward trend.” As per his prediction, if this upward movement persists, the digital currency could surge up to $90,000 in the coming days.
Institutional demand and regulatory activities are also contributing to this increase in the price of Bitcoin. Approval of new ETFs and optimism on the expansion of the use of cryptos are dictating the enthusiastic mood. As these factors play out, confidence among the traders about the digital currency’s longterm viability is increasing.
Still, the price has not been able to move above critical levels of resistance levels. Experts said that in a worst-case scenario, the price stagnates or goes down further indicating that the coin needs to break out. Some of the investors are now focusing on daily closing price, volume and various market indicators regarding the next direction.
Bulls Eye $90K
However, the current structure is positive for now. The Bitcoin has remained above a critical level and is further proving bounce back or positive direction. The following days will be the most challenging as the boundary of markets will be pushed. As of press time, BTC is trading at $86,815, showing a 0,42% decline over the past day.
Source: TradingView
If Bitcoin can return to the area of $90,000, the bulls may come back to the pond, potentially leading to even new record highs. Currently, Bitcoin is approaching a crucial level on the chart and the entire crypto community is paying close attention to it.