Bitcoin Has Traded Between $86678 and $87105 Over the Last Hour, Flashing Strong Bullish Momentum

Bitcoin has traded between $86,678 and $87,105 over the last hour, flashing strong bullish momentum on April 21. It is trading in a wide intraday range

Bitcoin traded in a wide intraday range of $84,037.68 and $87,765 on Thursday, flashing strong bullish momentum as it traded between $86,678 and $87,105 over the last hour. It had a market cap of $1.73 trillion and 24-hour volume of $24.51 billion.

Bitcoin

On the daily chart, bitcoin staged a significant rebound after bottoming near $74,434, with price action pushing up to a high of $88,772. The bullish reversal was confirmed by a surge in volume as it broke the support zone near $74,400, a technically significant level, with strong buyer interest.

With daily momentum favoring bulls and the uptrend appearing robust, recent price extension warranted cautious optimism as conditions approached short-term overbought territory.

The cryptocurrency broke out of the resistance at $87,765 on the four-hour chart following a bounce from support at $83,100. Again, this move was backed by clear volume.

However, the price pulled back slightly from those highs, which could signal a consolidation phase before the next leg upward. Traders were advised to monitor the $86,000–$86,300 region for potential long entries if downside volume remained weak.

A drop below $85,500, accompanied by increasing volume, could lead to a retracement toward the $84,000 level.

On the one-hour chart, bitcoin’s recent rally to $87,765 occurred with strong upward momentum and large bullish candles. However, immediate profit-taking introduced a pullback, with the price now testing short-term support zones.

A bullish flag or pennant appeared to be forming, which, if confirmed, could facilitate a breakout continuation. A break above $87,800 would favor scalpers, while a failure to hold $86,000 could trigger a brief selloff.

Oscillators reflected mixed sentiment. The relative strength index (RSI) at 57, Stochastic at 91, commodity channel index (CCI) at 123, and average directional index (ADX) at 14 all signaled neutrality. The Awesome oscillator and the moving average convergence divergence (MACD) level suggest buying pressure, while the momentum indicator presented a bearish signal. This divergence indicated a market in flux, where traders should rely more heavily on price structure and volume signals than oscillator consensus alone.

Moving averages continue to support the bullish outlook. Both the exponential moving average (EMA) and simple moving average (SMA) across the 10, 20, 30, and 50-periods are in positive territory. However, mixed signals emerge on longer-term averages. The exponential moving average (100) and simple moving average (100) both suggest bearish sentiment, and the simple moving average (200) does the same. The exponential moving average (200), however, maintains a bullish signal, implying that while the short-to-medium trend remains positive, traders should be aware of potential resistance in higher timeframes.

Bull Verdict:

Bitcoin continues to display strong upward momentum supported by bullish price structure, high-volume breakouts, and buy signals from the majority of short- to medium-term moving averages. If the asset maintains support above the $85,500–$86,000 range and reclaims $87,800 with volume, further upside toward and beyond $88,000 appears likely, reinforcing the trend continuation narrative.

Bear Verdict:

Despite recent gains, bitcoin’s overextension and mixed oscillator signals introduce caution. Failure to hold above key levels like $85,500, particularly if accompanied by rising sell volume, may trigger a short-term correction toward $84,000 or lower. Longer-term moving average sell signals also suggest that upside could be limited without a broader consolidation.