Bitcoin has decisively broken above the critical $73,500 resistance level after defending lower support for nearly two months, with prices pushing past $74,000 and weekly gains exceeding 8%. This move represents a clean breakout from a months-long consolidation phase, signaling a clear shift in momentum.
Analysts from Zerohedge and Coinpedia are now pointing to significantly higher price targets. Zerohedge claims that if the $73.5K level holds as new support, the next major target sits near $90,000, which marks the next significant supply zone from prior distribution. Coinpedia's analysis suggests a breakout above $75,000 could trigger expansion toward $79,700 and $85,000, with a move toward $100,000 becoming increasingly realistic in the coming weeks.
The rally is being driven by spot demand, as evidenced by a notable drop in Binance open interest from $1.9 billion to $1.19 billion, indicating reduced leverage and a healthier, spot-driven advance. Furthermore, Bitcoin's Coinbase Premium Index has flipped back into positive territory, currently hovering around +0.02 to +0.03 after spending late March in negative territory as low as -0.09. This shift signals renewed U.S.-based institutional buying interest and stronger buy-side pressure.
Additional bullish signals include rising Bitcoin miner reserves, which have increased from around 1.8005 million BTC to nearly 1.805 million BTC before stabilizing near 1.8049 million BTC. This suggests miners have reduced selling pressure and are holding onto their BTC, reflecting growing confidence and creating a more favorable supply environment for price continuation.
Technically, Bitcoin is forming higher lows from the $60,000 region, creating a clear ascending triangle structure. The Supertrend indicator remains bullish near $67,000, acting as dynamic support, while the RSI holds near 61-62, indicating sustained strength without being overbought. Analysts caution that failure to break above the $75,000 zone and a drop below $69,600 could trigger a pullback toward $64,000-$60,000, delaying the rally.
