Can Bitcoin Hit $90K Amid Price Recovery Effort?

With a bounce back in the crypto market, reaching a valuation of $2.7 trillion, Bitcoin is back above the $83,000 mark. Currently, it registers a 1.45% 24-hour rise, with a bounce back from a 24-hour low at $81,261. 

Will this short-term recovery, followed by a near 6% jump last night, drive BTC back to the $90,000 mark? Let’s find out.

Bitcoin Price Today: Technical Analysis and Future Outlook

In the daily chart, the BTC price range showcases a bond price from a crucial support level at $76,720 As predicted in our last bitcoin price analysis The short-term sustenance in BTC price is aiming to retest the 200-day EMA line.

Currently, Bitcoin is trading near the $83,000 level, following a bullish engulfing candle. This has increased the chances of a positive crossover in the MACD and signal lines. 

However, the 50 and 100-day EMA lines are on the verge of a negative crossover to generate a sell signal. With the intraday candle forming a doji, the uncertainty in the BTC price trend is crystal clear.

Analyst Signals Key BTC Price Levels 

Ali Martinez, a crypto analyst, highlights the possibility of a breakout rally in Bitcoin. The analyst highlights an ascending triangle pattern with an overhead ceiling close to $83,500.

The short-term recovery is projecting the possibility of a breakout rally for an 8% recovery. Furthermore, the analyst also highlights a crucial resistance between $84,200 and $86,750. 

This supply zone holds 287.2k BTC in 556.03k addresses. On the flip side, the analyst highlights crucial support between $79,200 and $81,700, holding 301.41k BTC in 368.55k addresses.

Bitcoin ETFs Record Seven Days of Consecutive Outflows

As the intraday despite the short-term recovery, the U.S. Bitcoin spot ETFs maintain a net outflow of net outflow of $371 million on March 11. This marked the seventh consecutive day of outflow for BTC ETFs. 

Out of the 12 ETFs, three registered a net zero flow, while Fidelity led the outflow spree with $107.10 million alongside another major issuer at $151.26 million.

BTC Price Targets 

Based on the projection analysis the short-term recovery in Bitcoin is hinting at a bullish continuation to retest the broken 200 EMA line at $85,650. Optimistically the recovery run could challenge over the eastern trend line close to the $90,000 mark. On the flip side, the crucial support remains near $76,700.