Bitcoin’s Last Hurdle Before It Can Rally to $90K?

…it will require at least a break back above the 20-day Simple Moving Average followed by a daily close above the blue 50d SMA to ensure the low is in place. In that case, Bitcoin can attack the upper descending grey trend line of the potential Bull-flag pattern still in play. A break above that trendline will seal the deal in favor of the Bulls, and we should then ideally look for ~$92K .Fast forward, and BTCUSD cleared its 20d- and 50d SMAs and Ichimoku Cloud . See Figure 1 below.

Thus, although we remain bullish over the long term for BTCUSD and expect it to reach well over $100K before the run since the 2022 low is over, the Bulls have one last hurdle to clear. They showed they meant business by providing a rally back above the critical SMAs, and now they need to clear the Bull flag’s upper trendline.

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