The fresh rally has set its sights on the $90,000 psychological level.
Analyst Sondergaard (Nansen) identified $87,000 as the immediate target, with the $90,000 psychological barrier and roughly $92,000 beyond. Jasper De Maere, an OTC trader at Wintermute, echoed this view, noting a potential test of $90,000.
This breakout occurred despite recent macro and political headwinds, including the stalled Clarity Act and a Federal Reserve rate hike coupled with hawkish statements.
Bitcoin reclaimed its 50‑week moving average, a key longer‑term trend line that many traders monitor for signals. Wintermute’s De Maere explained that this average has historically acted as resistance in prior bear markets.
Surpassing that trend may now provide traders with confirmation of a positive signal, De Maere observed.
“We, like many others, would read this reclaim as confirmation that the June low holds,” De Maere said.
Nevertheless, traders remain cautiously optimistic.
Chris Sullivan, co‑portfolio manager at Hyperion Decimus, views the development as the start of a new bullish cycle, but he anticipates a notable pullback once the rally exhausts itself.
“This should be the first primary wave/rally of the new bull market,” he said, adding that “we’re going to see a large correction once this rally exhausts itself.”
