The crypto market surged after Trump paused global tariffs, pushing Bitcoin above $82k. With rising open interest and strong on-chain signals, BTC is now eyeing $92k.
Bitcoin has surged 8.33% to reach a 24-hour high of $83,565. BTC is trading above $82,120, again testing local resistance levels. Could this lead to a breakout to the $92,000 mark?
Bitcoin Price Analysis
On the daily chart, Bitcoin’s price trend shows sustained bullish momentum at the 50% Fibonacci level around $75,500.
With a sudden pause in Donald Trump’s tariff war, Bitcoin surged past $80,000. The recovery exceeded the 61.80% Fibonacci level at $81,855.
The completed bullish engulfing candle, showing nearly a 9% surge, undermines Sunday’s roughly 6% drop. Currently, the intraday candle reveals a price rejection as BTC trades near $82,000.
With residual bullish momentum, Bitcoin struggles to break through the overhead resistance. However, the potential for further bullish momentum remains strong as it holds above the 61.80% Fibonacci retracement.
The daily RSI, which has returned to the halfway mark, supports this recovery and signals the loss of bearish pressure.
Based on Fibonacci levels, a breakout above the trendline will likely challenge the 78.60% retracement level at $91,780. Conversely, a bearish reversal could return the price to retest the 50% Fibonacci level near $75,500.
Outflows Decline in Bitcoin ETFs Amid Market Recovery
Following a $326 million outflow on April 8, U.S. Bitcoin spot ETFs experienced a slight outflow decline. On April 9, the total daily net outflow stood at $127.12 million.
Four of the 12 ETFs recorded net outflows, while Bitwise was the sole ETF to register an inflow of $6.71 million on April 9. Among the outflowing ETFs, BlackRock and Grayscale reported outflows of $89.71 million and $33.80 million, respectively. WisdomTree and VanEck recorded outflows of less than $6 million each.
Bulls Take Over Bitcoin Derivatives
Amid the renewed bullish sentiment in crypto and global markets, interest in Bitcoin derivatives has significantly increased. This is highlighted by a 5% rise in Bitcoin open interest, which has climbed to $54.69 billion.
BTC Derivatives
As interest grows, the funding rate has surged to 0.0070%, indicating growing bullish confidence among traders willing to pay the extra premium to hold long positions.
Bitcoin LongShort ratio Chart
Over the past 4 hours, long positions have risen from 48.26% to 52.61%, pushing the long/short ratio from 0.9327 to 1.1101. This increased bullish confidence among crypto traders could further fuel Bitcoin’s price rise, especially if leveraged long positions continue to build.
Analyst Spots Bullish Potential to $208k
Amid increasing bullish sentiment, crypto analyst Ali Martinez has highlighted the potential for an extended Bitcoin bull run. According to a recent tweet, BTC has broken out of a parallel channel pattern, surpassing $80,700.
The analyst forecasts a potential upswing to $84,000, followed by an optimistic target of $87,000. However, Bitcoin must first break above the recently established resistance-turned-support level of $80,700 to kickstart this bull run.
In the long term, Martinez uses the Mayer Multiple Indicator to project a possible market top near $208,557 if Bitcoin breaks above the 200-day EMA at $86,900. On the other hand, the oscillator line suggests crucial support at $69,500.
Based on the Mayer Multiple, #Bitcoin $BTC could find solid support around $69,500. And, a breakout above $86,900 might set the stage for a market top near $208,550. pic.twitter.com/aoLK9F4vrI
— Ali (@ali_charts) April 10, 2025
Conclusion
As Bitcoin crosses above the $82,000 mark, the bulls are eyeing major breakout events. With growing bullish sentiment in the derivatives market, a breakout rally seems inevitable.
Furthermore, with the recent 90-day pause in global tariff wars, Bitcoin could be on track to reclaim the $100,000 mark. Optimistically, the bull market cycle could peak at $200,000, according to the Mayer Multiple Indicator.
