Bitcoin (BTC) climbed nearly 5% in the past week, reclaiming key support levels over the past three days. The recent bullish momentum has sent BTC toward the $88,000 mark, with some analysts suggesting a reclaim of its previous price range could be near.<\/p>\n
After being rejected<\/a> from the $84,000-$85,000 zone several times in the past two weeks, Bitcoin reclaimed this range over the weekend. The flagship crypto has surged 4.7% from last week\u2019s levels, closing the week above the $86,000 mark.<\/p>\n During the start-of-week pump, BTC eyed the $89,000 resistance, hitting a biweekly high of $88,765, but failed to retest the next crucial zone as bullish momentum slowed. Nonetheless, the cryptocurrency has held its current range, hovering between the $86-000-$88,000 support zone for the past 24 hours.<\/p>\n Analyst Alex Clary affirmed that Bitcoin\u2019s momentum \u201clooks awesome\u201d for a break above the $88,000-$90,000 support zone as the cryptocurrency shows a Relative Strength Index (RSI) bullish divergence, a V-shaped recovery, and has broken above its downtrend resistance.<\/p>\n Per the post, a breakout and reclaim of the crucial $90,000 resistance level could propel BTC to jump between 8 to 14% from current prices to the $95,000-$100,000 levels lost in February.<\/p>\n Meanwhile, Daan Crypto Trades noted<\/a> that Bitcoin \u201chas not moved much in the past few weeks relative to SPX.\u201d According to the trader, BTC\u2019s price has been correlated to the S&P 500 (SPX) and \u201chas mostly been moving hand in hand with each other,\u201d which could explain the flagship crypto\u2019s recent dump and bounce.<\/p>\n However, he affirmed<\/a> that Bitcoin is still trading \u201cat a solid spot premium during this bounce,\u201d suggesting that a move to new local highs is possible if BTC maintains the current levels and reclaims the post-US election breakout range above $90,000.<\/p>\n Amid Monday\u2019s market recovery, Analyst Rekt Capital warned that Bitcoin needs weekly closes above $88,400 and $93,500 to end its downside<\/a> deviation period.<\/p>\n The analyst explained that, over the past five weeks, BTC has been consolidating between the two biggest bull market Exponential Moving Averages (EMAs), the 21-week and 50-week EMAs.<\/p>\n Its price action has recently gotten closer to the 21-week EMA, at around $88,400, ready \u201cfor a major trend decision.\u201d According to the analyst, Bitcoin needs a weekly close above this level and a retest into support to target its Macro Range.<\/p>\n \u201cThis was the exact confirmation that Bitcoin needed back in mid-2021 when the price crashed -55%,\u201d Rekt Capital noted, suggesting that \u201cthings could get volatile both on the upside (trapping FOMO buyers in the upside wick) and the downside (with panic sellers selling into a downside wick),\u201d if history repeats.<\/p>\n A weekly close above it \u201ccould kickstart an uptrend continuation towards the Re-Accumulation Range Low of $93,500.\u201d Moreover, after reclaiming the 21-week EMA, Bitcoin will need a weekly close above the re-accumulation range low to \u201cresynchronize with the Range.\u201d<\/p>\nBTC Must Hold This Level By Week\u2019s End<\/h2>\n