Is $90K Bitcoin’s Next Test Level?

After months of struggle, bitcoin (BTC) bulls finally managed to surpass the $70,000 breakout level this week and set new record highs above $76,000.

With crypto pro Donald Trump returning to the White House, the most important question for traders is: What will be the next resistance level that can challenge the bulls?

One of the simplest ways to determine the level in question is to examine the price chart. By drawing a trend line from the April 2021 high of $64,898 and the November 2021 high of $69,000 and extending it forward, we can see that resistance lies around $90,000.

The recent move above $70,000, which represents where the long-term consolidation pattern has unraveled, suggests a resumption of the uptrend from the October 2023 lows.

The breakout and the positive turn in the MACD histogram, indicating that the bullish momentum is strengthening, indicate that the resistance at $90,000 may be tested soon.

However, if the price declines below the weekly low of $66,824, it could invalidate the bullish outlook.

It is important to note that activity in the options market shows potential resistance at $80,000 and $100,000.

Hopes that regulations for the industry will ease under Trump’s presidency have contributed significantly to larger gains in alternative cryptocurrencies such as Solana’s SOL token.

The price of SOL in BTC (SOL/BTC) is up nearly 11 percent this week, breaking out of the range in which it was stuck for months.

A break in the triangle consolidation represented by converging trend lines means the bulls are finally willing to lead the price action. For the breakout to be confirmed, the weekly candle must close above the upper trend line.