Bitcoin’s positive price movements that started on Sunday evening continued in the following hours, and the asset tapped $87,600 for the first time since March 7.

The altcoins have followed suit, led by AVAX’s impressive surge. In contrast, Pi Network’s PI token continues to bleed out.

BTC Reclaims $87K

The previous business week was quite eventful in terms of news, but not so much when it comes down to BTC price movements. The most volatile day turned out to be Wednesday, which was expected to an extent as the US Fed concluded its second meeting for the year. Although it refused to change the interest rates, bitcoin went on the move by going up and down by a few grand within hours.

The fluctuations were also influenced by the statement from Ripple’s CEO, Brad Garlinghouse, that the SEC would drop its lawsuit against his company. BTC flew to $87,500 during the Thursday morning Asian trading session but was quickly halted and pushed south by several grand.

Nevertheless, it recovered most of the lost ground and returned to $84,000, where it spent most of the weekend. It went on the offensive late last night but kept climbing earlier today and surpassed $87,000. It even briefly tapped $87,600 (on Bitstamp) for the first time in over two weeks.

Although it has retraced slightly since then, BTC still trades above $87,000. Its market cap has jumped to $1.730 trillion on CG, while its dominance over the alts is up to 58.5%.

AVAX Runs Wild

As mentioned above, most alts are well in the green today. Ethereum is close to $2,100 after a 3.5% daily surge, XRP has surpassed $2.45 following a similar increase, while SOL, LINK, and SUI have marked gains of somewhere between 5-7%.

Avalanche has stolen the show, though, charting a substantial 12% surge in the past day. As a result, AVAX has neared $22 for the first time in weeks.

In contrast, PI continues to bleed out, dumping by another 6% in the past 24 hours to well below $1.

The total crypto market cap has added around $80 billion since yesterday and is up to $2.960 trillion on CG.

Ethereum is currently attempting to recover after months of bearish pressure, but key resistance levels and liquidation dynamics suggest caution is still warranted.

Technical Analysis

By Edris Derakhshi

The Daily Chart

On the daily chart, ETH has managed to bounce from the $1,900 support zone and is now pushing toward the $2,200 resistance area. However, the asset remains well below the 200-day moving average, which is around $2,900, which continues to act as a major hurdle.

The RSI is gradually climbing but still hasn’t entered overbought territory. Unless ETH decisively breaks above $2,400 and holds, the downtrend structure remains intact, with the $1,900 and $1,600 levels acting as key supports to watch.

The 4-Hour Chart

The 4-hour chart shows Ethereum forming an ascending channel, recently pushing towards the upper boundary near $2,150. This rally from the $1,900 support zone has been strong, but the asset is approaching a confluence of resistance levels, including the $2,200 zone marked by previous breakdowns.

RSI has also entered the overbought region, hinting at possible exhaustion. A breakout above $2,200 could shift the short-term bias bullish, while rejection from the current range could pull ETH back toward the $1,900 zone.

Sentiment Analysis

By Edris Derakhshi (TradingRage)

Long Liquidations

The long liquidations chart reveals a sharp spike in recent months, particularly during ETH’s drop below $2,000. These mass liquidations wiped out leveraged long positions, contributing to heightened volatility. Although liquidation events have now cooled down, the market remains vulnerable to sharp moves if leverage builds up again.

The previous spikes indicate a fragile sentiment among speculators, and any sharp rejection at resistance zones could trigger another cascade of long liquidations, reinforcing bearish pressure. Overall, price stability and a sustainable recovery will require a reduction in excessive leverage and stronger spot-driven demand.

Bitcoin is showing signs of recovery after finding support at the 200-day moving average.

However, the bullish momentum appears weak, suggesting that this rebound could be a temporary correction rather than the start of a sustained uptrend.

Technical Analysis

By Shayan

The Daily Chart

Bitcoin is showing early signs of a recovery after bouncing off the crucial $80K support level. This region aligns with the ascending channel’s lower boundary, the 200-day moving average, and the key 0.5-0.618 Fibonacci retracement zone, making it a formidable support level that sellers have struggled to break. As long as this support is in place, the overall trend will remain intact.

However, bullish momentum appears weak, suggesting that the recent rebound could be a temporary correction rather than the start of a strong uptrend. If BTC continues its recovery, the following key resistance lies at $92K, where the 100-day moving average could act as a barrier.

The 4-Hour Chart

In the lower timeframe, Bitcoin successfully broke out of its descending wedge pattern and formed a pullback, signaling a bullish move. Following this breakout, the price has seen a moderate surge, indicating increased buying interest.

Despite this, Bitcoin still faces a significant test at the $92K resistance zone, where notable selling pressure is expected. The price action at this level will likely determine BTC’s mid-term direction. In the short term, buyers seem poised to push the price toward $92K, with potential consolidation before the next decisive move.

Sentiment Analysis

By Shayan

The Binance liquidation heatmap provides key insights into potential price targets, as liquidity levels often act as magnets for market movements. Recent market consolidation has led to the formation of a significant cluster of liquidation levels just above the $92K resistance.

These levels correspond to short-position liquidations, making them attractive targets for bulls and institutional buyers. As a result, Bitcoin’s price could be drawn toward this liquidity pocket, increasing the likelihood of a breakout above $92K in the mid-term.

Despite the current lack of strong bullish momentum, the $92K level remains a critical battleground. A decisive move above this resistance could lead to a sustained bullish trend. However, given the overall market conditions, Bitcoin could still experience lower price levels before a decisive breakout.

This potential downside would offer an excellent accumulation opportunity for smart money investors, positioning them ahead of the next major move.