Bitcoin Nears $92K Amid Bullish Momentum and Hopes
Key Takeaways
- Bitcoin (BTC) is approaching the resistance level of USD 92,000.
- Technical indicators show bullish tendencies, but also warning signals.
- Liquidity zones suggest possible short-term pullbacks.
- Macroeconomic developments, such as the falling U.S. Dollar Index (DXY), are influencing the price.
- A proposed bill in Texas could establish BTC as a state reserve asset.
BTC Breaks Downtrend – But Faces Resistance at USD 92,000
Over the past three days, Bitcoin has broken through a months-long downtrend line, gaining approximately 4.5% in the process. This breakout was supported by sustained demand. A key technical milestone: the trendline was successfully tested as support on April 20 – a sign of potential market strength.
The Relative Strength Index (RSI) currently sits at 59, indicating growing bullish momentum without the market being overbought. A daily close above USD 87,500 would shift the daily chart structure into a clear uptrend.
Liquidity Zones as Potential Turning Points
A look at the liquidity distribution reveals that there is a high liquidation zone between USD 89,200 and USD 91,000. This so-called “liquidity pocket” acts like a magnet for the price, but also carries the risk of a pullback. Many short positions have already been liquidated in this area, suggesting a possible short-term trend reversal.
If the price rises above USD 91,000, the next relevant zone lies around USD 100,000. On the downside, the USD 82,700 mark serves as important support.
Macro Factors: Weak U.S. Dollar and Gold as a Competitor
The U.S. Dollar Index (DXY) fell to its lowest level since 2022. At the same time, the price of gold reached a new all-time high. Both developments indicate a flight to “safe havens.” Bitcoin has also benefited, despite being in a downtrend over the past three months.
Interestingly, while the Dow Jones Index (DJI) dropped nearly 1,000 points on Monday, Bitcoin continued to rise. This may point to a temporary decoupling from traditional financial markets.
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Texas Plans BTC Reserve – Signal Effect for the U.S. Market?
On April 23, Texas will deliberate on the “Bitcoin Strategic Reserve Act.” If passed, the law would see Texas purchase USD 500 million worth of BTC annually and hold it as part of the state’s reserves. This would make Texas the first U.S. state to officially hold a Bitcoin reserve. Such a move could strengthen institutional investor confidence in the long term.
Our Assessment
Bitcoin is currently showing signs of a potential trend reversal. The breakout above the downtrend line and bullish indicators like RSI and OBV (On-Balance Volume) point to further upside potential. However, the liquidity zones call for caution – especially in the USD 91,000 to USD 92,000 range.
Short-term, increased volatility is to be expected. Swing traders should wait for clear confirmations before entering new positions. In the long term, the planned BTC reserve in Texas could send a positive signal to the broader market.
Stay alert, analyze market data carefully, and avoid impulsive decisions – especially during periods of high uncertainty.
Sources
- TradingView
- Coinglass
- U.S. Dollar Index (DXY) data
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Further practical applications | |
| Price | $93,642.00 |
| 24h % | 6.12 % |
| 7d % | 12.33 % |
| 30d % | 7.70 % |
| 60d % | -2.91 % |
| 1y % | 40.72 % |
| Market Cap | $1,856,981,875,047.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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