Bitcoin could reach $92,600 if this happens

Today, Bitcoin (BTC), the largest cryptocurrency in the world, seems to be transitioning from a prolonged consolidation phase to a strong upward momentum. The decision to keep the Fed's interest rates unchanged during the March FOMC meeting has pushed BTC above a significant level.

Technical Analysis of Bitcoin and Upcoming Levels

According to the technical analysis of experts, after the FOMC meeting in March, BTC broke through the prolonged consolidation process and the resistance it faced from the (EMA) 200 moving average on the daily timeframe.

Although it has broken out, it is still not fully confirmed whether BTC will rise or continue its prolonged consolidation process. Based on recent price movements and historical patterns, if BTC closes a daily candle above $85,800, there is a strong possibility that it could surge 8% to $92,600 in the coming days.

Source: TradingViewThis bullish argument is only valid if BTC maintains a level above $85,600. Otherwise, it could fail.

Current price momentum

At the time of writing, the price of Bitcoin is trading at nearly $86,040, up over 3.7% in the past 24 hours. Meanwhile, its trading volume has increased by 40% during the same period, indicating higher participation from traders and investors compared to the previous day following the price increase.

Main liquidation areas

After the price surge and impressive upward momentum, traders seem optimistic about this asset, according to a report by the on-chain analysis company CoinGlass.

Source: CoinglassData shows that traders are currently over-leveraging at $83,400, a level at which they hold Long positions worth nearly $920 million. On the other hand, $86,300 is another over-leveraged level where traders betting on Short positions have held Short positions worth $375 million.

When combining these on-chain metrics with technical analysis, it seems that the buyers are in control and pushing BTC towards reclaiming the $90,000 mark.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions

• The Hyperliquid (HYPE) bull faction dominates as platform revenue remains high.
• Bitcoin rose to $87,000 after the Fed meeting, which is expected to cut interest rates twice in 2025.
• Bitcoin is at risk of creating a new "death cross" as the price touches the resistance at $84,000.

Minh Anh

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