Market analysts say Bitcoin (BTC) is showing “renewed bullish momentum” after its 5% rally above $76,000 on Tuesday, with bulls eyeing further gains to $90,000 amid improving network activity.
Bitcoin price hits a 70-day high
Data from TradingView shows the BTC/USD pair rose over 5% on Tuesday to an intraday high of $76,120, levels last seen on Feb. 6.
The surge saw Bitcoin’s price reclaim key support levels, including the $75,000 zone where the 100-day exponential and simple moving averages converge.
“#Bitcoin surged above the $76,000 level, breaking above its March highs and signaling renewed bullish momentum,” analyst CryptoBlockto said in an X post on Tuesday.
The analyst pointed out that the next crucial resistance zone is $76,000 and that clearing it would confirm “a trend reversal and sustained upside momentum.”
BTC/USD four-hour chart. Source: X/CryptoBlockto
From a technical perspective, Bitcoin is validating an ascending triangle after breaking above its upper trend line at $73,000 on Monday.
A daily candlestick close above the moving averages at $75,000 would confirm the breakout, with the next line of resistance being the psychological level at $80,000.
Above that, bulls could push the BTC price toward the triangle’s measured target of $89,050, 18% above the current price.
BTC/USD daily chart. Source: Cointelegraph/TradingView
The daily relative strength index has increased to 63 from oversold conditions at 15 reached on Feb. 6, suggesting increasing bullish momentum.
“#Bitcoin is #trading within the horizontal supply zone of an ascending triangle pattern. The 100MA is also acting as a resistance barrier above the current price action,” analyst CryptOpus said in a recent X post, adding:
“A strong breakout above both the #pattern and the 100MA would confirm a #bullish rally in the market.”
As Cointelegraph reported, a close above $76,000 would complete a bullish ascending triangle pattern, clearing the path for a potential rally to $84,000.
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