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Bitcoin Price Breakout: Why $85,700 Is The Most Important Level

Crypto analyst Titan of Crypto has predicted that a Bitcoin price breakout could happen soon. The analyst also revealed why $85,700 is the most critical level as the leading crypto tries to break out to the upside. 

Why $85,700 Is Important As Bitcoin Price Eyes Breakout

In an X post, Titan of Crypto revealed that the $85,000 level is important as Bitcoin price eyes a bullish continuation to as high as $87,000. He noted that the RSI bullish divergence has played out perfectly, with BTC already hitting two key targets. The analyst stated that a daily close above $85,700 would significantly increase the probability of a move to $87,000 right after. 

Titan of Crypto also revealed that the Bitcoin price was experiencing a bullish crossover. He remarked that the Moving Average Convergence Divergence (MACD) just made a bullish cross on the 3-day chart. The analyst added that a momentum shift may be underway, with BTC eyeing a breakout to the upside. 

Bitcoin

It is worth mentioning that the crypto analyst had earlier predicted that the Bitcoin price could rally to as high as $137,000 by mid-year, marking a new all-time high (ATH) for the flagship crypto. This came as he revealed a bullish pennant that was forming on BTC’s daily chart. The analyst affirmed that the flagship crypto could rally to a new ATH if this plays out. 

Crypto analyst Colin also recently affirmed that the Bitcoin price outlook is bullish based on the global M2 supply. He predicted that BTC will soon rally to a new ATH, with a breakout that could begin sometime in May. The analyst suggested that the flagship crypto could reach as high as $144,000 when it breaks out to the upside. 

USDT Dominance Shows Rejection

Crypto analyst Mikybull Crypto revealed that the USDT dominance has shown a sharp rejection, which is a positive for the Bitcoin price. In another X post, he also raised the possibility of BTC rallying to $99,000 soon, stating that it is becoming more level-headed. The analyst advised market participants to watch daily trend reversals and position accordingly. 

However, despite this bullish outlook for the Bitcoin price, macro fundamentals threaten to derail any breakout momentum for BTC. The flagship crypto surged to as high as $86,000 on April 15 but quickly dropped following reports that the EU would proceed with its tariffs on US imports. Meanwhile, the US looks likely to impose more tariffs on China, with both sides yet to reach an agreement so far. 

At the time of writing, the Bitcoin price is trading at around $83,600, down over 2% in the last 24 hours, according to data from CoinMarketCap.

Bitcoin

from Bitcoinist.com https://ift.tt/hWjH0PO
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