Bitcoin price chart targets $90K as traders ‘aggressively’ buy on Binance
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Bitcoin gained momentum as data showed buyers are starting to dominate volumes on Binance, with a $90,000 BTC price target on their radar.
Market analysts say Bitcoin’s (BTC) is building up after its 7% rally above $72,000 on Tuesday, with bulls eyeing further gains to $90,000 amid improving macro sentiment.
BTC price builds a bullish structure after reclaiming $72,000, as a symmetrical triangle breakout targets $90,000.
Binance taker buy volume exploded by $2.7 billion in two hours after the US-Iran ceasefire, signaling strong aggressive buying by bulls.
Bitcoin’s latest rally saw it reclaim key support areas, including the $68,000 zone where the 200-week exponential moving average and the 50-day simple moving average converge.
Related: Bitcoin wallets absorb 4.37M BTC as network activity flips to ‘bull phase’
“Bitcoin breaks through the crucial $71K level and builds a bullish structure,” MN Capital founder Michael van de Poppe said in a post on Wednesday.
The analyst further pointed out that the next crucial resistance zone is $80,000 and that holding the support at $70,000 was required to secure the recovery toward $90,000, as shown in the chart below.
From a technical perspective, BTC/USD is validating a symmetrical triangle after breaking above its upper trend line at $70,000 on Tuesday.
A daily candlestick close above this level would confirm the breakout, with the next line of resistance being the $76,000 range high.
Above that, bulls will have to contend with resistance at $80,000 before pushing Bitcoin price toward the measured target of the triangle at $90,000, 25% above the current price.
The daily relative strength index, or RSI, has increased to 56 from oversold conditions at 15 reached on Feb. 6, suggesting increasing bullish momentum.
As Cointelegraph reported, maintaining above $69,500 in the near term is crucial for the bulls to sustain the recovery.
Bullish sentiment could be returning to Bitcoin as a key metric from Binance, the largest crypto exchange by trading volume, shows that buyers are starting to dominate the platform’s volumes.
The Binance taker buy volume, which measures the total dollar amount of aggressive buy orders (market buys) placed by traders on Binance futures, increased by $2.7 billion within two hours following the US and Iran ceasefire agreement on Tuesday.
“Within just two hours, during and after the announcement, $1.2B and $1.5B ($2.7B) in taker buy volume appeared on derivatives markets,” CryptoQuant contributor DarkFost said in an April 8 note, adding:
This increased flow of liquidity into Binance was also reinforced by net taker volume, which measures the imbalance between aggressive buyers and sellers in derivatives markets.
The Binance Bitcoin cumulative test taker volume has “climbed to $1.02 billion, its highest level since March 17, signaling a sharp return of aggressive buying in Bitcoin,” CryptoQuant analyst Amr Taha said, adding:
Meanwhile, Bitcoin’s Coinbase premium index has flipped positive, pointing to a return in demand from US investors, following a long stretch of negative readings.
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Source: CoinTelegraph
