Bitcoin has surged to a new all-time high, approaching the $90K threshold in an impulsive rally. The combination of another Federal Reserve rate cut and President Trump’s re-election has fostered a risk-on sentiment in the markets, driving demand for risk assets like Bitcoin.

Technical Analysis

By Shayan

The Daily Chart

On the daily chart, Bitcoin’s price action reflects a robust shift toward a bullish market structure. It recently broke past both the 100-day and 200-day moving averages with significant momentum and reached an ATH of $90K.

On the other hand, the 100-day MA has crossed above the 200-day MA, marking a Golden Cross. This technical indicator signals bullish dominance, sparking FOMO among participants who are rushing to accumulate Bitcoin.

However, after this sharp rise, the market is expected to enter a corrective retracement phase. For this pullback, the 0.5 ($74K) to 0.618 ($70K) Fibonacci retracement levels, aligned with Bitcoin’s prior swing high, may serve as critical support zones, providing a target for profit-taking and re-entry in the mid-term.

The 4-Hour Chart

On the 4-hour chart, Bitcoin remains in a bullish price channel, consistently marking higher highs and higher lows, which is characteristic of a healthy uptrend.

The price recently saw a strong rebound from the channel’s lower boundary near $70K, fueling the push to the new ATH of $90K.

Now that the price has reached the channel’s upper boundary, consolidation is underway. For the short term, a period of distribution near this level is expected, followed by a slight correction back to the channel’s middle boundary around $80K.

Although the current uptrend is strong, caution is advised against FOMO. The market often offers multiple opportunities for strategic entries, and a healthy correction would provide a more sustainable foundation for future gains.