Bitcoin (BTC) Price Shows Positive Momentum, Targeting a Breakout Above $90K

Bitcoin has shown positive momentum over the past week, climbing nearly 5% and reclaiming key support levels.

Bitcoin price displayed positive momentum last week as it rose nearly 5% and managed to reclaim a key support range.

After facing rejection from the $84,000-$85,000 zone multiple times in the past two weeks, Bitcoin finally closed above this range over the weekend. BTC surged 4.7% from last week’s levels, closing above the $86,000 mark.

During the start-of-the-week pump, Bitcoin reached the $89,000 resistance level. It hit a biweekly high of $88,765 but couldn’t retest the next crucial zone as bullish momentum slowed.

The cryptocurrency has maintained its current range well, trading between the $86,000-$88,000 support zone over the past 24 hours.

Analyst Alex Clary highlighted that Bitcoin’s momentum “looks awesome” for a break above the $88,000-$90,000 support zone. His optimism is fueled by Bitcoin showing a Relative Strength Index (RSI) bullish divergence, a V-shaped recovery, and a breakout above its downtrend resistance.

A breakout and reclaim of the crucial $90,000 resistance could be very positive. It might propel BTC to surge by 8 to 14% from current prices to the $95,000-$100,000 levels lost in February.

Trader Daan Crypto Trades pointed out that Bitcoin “has not moved much in the past few weeks relative to SPX.” According to him, BTC’s price has shown correlation with the S&P 500 (SPX) and “has mostly been moving hand in hand with each other.”

$BTC Is still trading at a solid spot premium during this bounce.

If it can maintain that while slowly making its way back into the previous range ($90K+), I'd be confident we're due for a move back to new highs.

For now it still remains a big resistance and price has been… pic.twitter.com/yr1toi7ucQ

— Daan Crypto Trades (@DaanCrypto) March 25, 2025

This correlation could explain the flagship crypto’s recent drop and bounce. However, he added that Bitcoin is still trading “at a solid spot premium during this bounce.”

Technical Analysis

Analyst Rekt Capital cautions that Bitcoin needs weekly closes above $88,400 and $93,500 to end its downside deviation period. Over the past five weeks, BTC has been consolidating between two major bull market Exponential Moving Averages (EMAs): the 21-week and 50-week EMAs.

Its price action has recently gotten closer to the 21-week EMA, around $88,400, setting the stage “for a major trend decision.” According to the analyst, Bitcoin needs a weekly close above this level and a retest into support to target its Macro Range.

Meanwhile, blockchain analytics firm Santiment warns of excessive bullish sentiment on social media. This type of sentiment often signals a market correction. History suggests that when the majority becomes overly bullish, a pullback follows.

🤑 As crypto has bounced nicely in the second half of March, traders have swung the pendulum back toward mild greed. After showing major fear in late Feb. and early March following two stints of Bitcoin dipping as low as $78K, it appears that this rebound to $88.5K has… pic.twitter.com/WGmvKSv2X

— Santiment (@santimentfeed) March 25, 2025

In corporate news, GameStop’s board approved the company’s investment policy to include Bitcoin as a treasury reserve asset. This strategic move allows GameStop to allocate a portion of its cash holdings or future financing proceeds into Bitcoin.

GameStop’s stock, the so-called original “meme stock,” surged after the announcement. It rose more than 8% in after-hours trading.

A major shift is unfolding in the U.S., with the government and institutions increasingly recognizing Bitcoin’s value. The Oklahoma House recently passed the Strategic Bitcoin Reserve Bill, joining Texas, Arizona, and Utah in integrating Bitcoin as a state treasury asset.

This move attests to Bitcoin’s resilience and stability, rendering it a preferred choice for institutions seeking to diversify their assets.

As President Trump’s Global Reciprocal Tariffs are set to take effect on April 2, their impact on financial markets and cryptocurrencies, particularly Bitcoin, remains a subject of interest.

Initially, there were reports of broad tariffs being planned to increase revenue for the government. However, recent updates suggest a more selective approach, concentrating on countries with significant trade imbalances with the U.S.

The cryptocurrency market has shown sensitivity