Bitcoin is on the rise! Which level is the next target? Analyst Explained, Warned! «A drop below this level will invalidate the rise!»

Leading cryptocurrency Bitcoin started the new week on a high, with the BTC price rising above $87,000 for the first time in more than two weeks, driven by increased global liquidity and renewed institutional appetite.

At this point, the BTC price broke the one-week consolidation range of $83,000-$86,000 and rose above $87,000.

While people are wondering whether this rise in Bitcoin is a trap or a signal of a permanent recovery, market analyst Omkar Godbole said that Bitcoin has broken out of the consolidation range and turned its focus to $90,000 and $92,000.

Bitcoin has broken out of its recent consolidation range, focusing on the $90,000 to $92,000 range that previously served as strong support.

BTC maintained this range until the end of February before falling to levels of $76,000. However, it exhibited sharp and rapid movements by falling below these levels in late February.

Bitcoin has currently broken above the 30-day exponential moving average (EMA) of its price highs, signaling a shift towards bullish momentum.

Stating that the main focus on BTC right now is $90-92,000, the analyst also pointed out that one should not forget that the 200-day simple moving average (SMA) is currently at $88,245.

The analyst lastly said that although Bitcoin gives an upward change signal, if the price falls back to $85,000 by the end of the day, this bullish view will be invalid and the rise may reverse.

*This is not investment advice.

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