Bullish momentum is now emerging in the crypto market following a brief halt as Bitcoin (BTC) gains strength and crosses the threshold of $81,000. Currently trading at $81,243. Following a period of consolidation, Bitcoin has now recorded a slight dip of 0.45% in the last 24 hours.
The BTC price movement prompts a sentiment shift as Bitcoin seeks to reclaim former support levels. Will Bitcoin be successful in reclaiming the $90,000 mark?
BTC Approaches Key $87K Resistance Amid Bearish Pressure
From BTC price action on the daily chart, we see that Bitcoin’s sharp corrective phase started in early 2025. After reaching around $108,000 in February, the top cryptocurrency dropped sharply towards $76,000 in the past few weeks, meaning a downward correction of almost 30%.
During this downtrend, Bitcoin has created a descending triangle. However, this setup is usually called a continuation pattern during downtrends. Price has been trading within the boundaries of the channel.
Recent price action shows price is pressing against the upper boundary of the pattern, which gives strong indications that the market is poised for an imminent upward breakout.
Presently, Bitcoin is approaching the 0.382 Fibonacci level at $87,052, which acts as a major hurdle. Should this level be cleared, we can definitely start thinking about a 0.5 move toward the Fibonacci level of $90,442.
Right now, Bitcoin’s price is trading below all the EMAs, which indicates that the trend is still bearish. The price is nearing the 50-day EMA at $85,331, which will be an important resistance level for judging future price movements.
DMI is showing readings of 18.0020, 17.7144, and 14.3023. The readings indicate that bullish and bearish forces are balanced for the time being. A crossing might indicate a trend change.
The immediate support level for Bitcoin is at about $76,000, and the next support is the psychological level of $80,000. Resistance levels are found at $82,858 (the 0.236 Fib level), $87,052 (the 0.382 Fib level), and the 50-day EMA at $85,331. This creates a critical zone for Bitcoin’s bullish reversal.
Price Targets
A successful break above the descending triangle and the 0.382 Fibonacci level at $87,052 could take Bitcoin up toward the 0.5 Fibonacci retracement at $90,442.
On the downside, failure to maintain momentum could result in a retest of the triangle support around $76,000. A break below this level could intensify selling pressure, potentially pushing prices toward the next major support at the 0 Fibonacci level near $72,000.
Bitcoin ETFs Fail To Flip Daily Netflow
On April 10, the U.S. Bitcoin spot ETFs recorded a daily net outflow of $149.66 billion. Grayscale Mini Bitcoin Trust records an inflow of $9.87 billion. Fidelity raised an outflow of $74.63 million, followed by Grayscale Bitcoin Trust recording $44.63 million in outflow.
ARK and 21 Shares, and Bitwise registered of $12.69 million and $10.82 million, respectively. Furthermore, Franklin and Invesco recorded less than $10 million in outflows.
Bulls Gradually Gain Strength in Bitcoin Futures
Within the last 12 hours, the long positions surged to 50.8% from 49.45%. This shoots up the long-to-short ratio to 1.035.
However, the volumes fail to spark up, reflecting a declining traders’ interest. The 12-hour long and short volume has dropped to $23.34 billion.
