thecryptobasic.com
Bitcoin is showing renewed strength at the start of the week, with price action pointing to a continuation of the upward momentum towards $88,000.
According to market analyst Michael van de Poppe, the recent pullback over the weekend appears to be part of a typical risk-off pattern rather than a sign of deeper weakness. With the strong start to the week, he expects further recovery to higher prices.
Key Points
- Bitcoin is showing renewed strength at the start of the week.
- This followed a scare over the weekend, during which $BTC declined 6% from $78,360 to the key support at $73,600.
- Broader market conditions support further short-term uptrend amid declining volatility.
- Price is also approaching a key resistance band between roughly $85,000 and $88,000.
- This is the next major hurdle, and breaking it sets $BTC up for much more advanced price action, potentially targeting $100,000.
Bitcoin Builds Momentum as Risk Appetite Returns
Van de Poppe suggested that the broader context supports a recovery. He stated that he doesn’t see why Bitcoin ($BTC) and the crypto markets will not go higher in the coming days.
Looking at a shared chart, Bitcoin rebounded cleanly from the $73,000 region, a key support zone the analyst had earlier highlighted as a crucial area to hold. This followed a scare over the weekend, during which $BTC declined 6% from $78,360 to $73,600.
Bitcoin has respected the support. It bounced back toward the $76,000 range on Monday and continued the resurgence today.
The analysis points out that early-week conditions have shifted back toward a risk-on environment, with no major negative developments affecting markets. This shift is also reflected in declining volatility across traditional indicators, including lower movement in the VIX and reduced fluctuations in gold. As such, market conditions support further short-term uptrends.
Capital Rotating into Bitcoin Via ETFs
Furthermore, capital appears to be rotating back into crypto-related products. Notably, Bitcoin exchange-traded funds (ETFs) recorded approximately $1 billion in inflows last week, reinforcing the idea that institutional participation remains active during this phase. Data from SosoValue confirmed this as the 13 US $BTC spot ETFs brought in $996.38 million in the past week.
Van de Poppe expects these inflows to continue, predicting a stronger week for the Bitcoin investment funds. Notably, the ETFs recorded a net inflow of $238 million on Monday, a strong start to the week.
Such increased institutional acquisition further drains the limited $BTC supply, increasing the chances of a supply shock.
$88K Resistance Test Imminent
On the chart, Bitcoin continues to form higher lows and higher highs on lower timeframes, confirming a developing uptrend. The price is also approaching a key resistance band between roughly $85,000 and $88,000, representing an 11% and 15% rise from the current market price, respectively.
The chart shows that this is the next major hurdle, and breaking it sets $BTC up for much more advanced price action, potentially targeting $100,000. The analyst had earlier mentioned that the premier asset would reach this zone before the end of April and reiterated that in the analysis. He noted that this price is very likely by May.
However, this outlook remains dependent on external conditions. Van de Poppe notes that geopolitical stability will play a role in sustaining momentum. In the absence of major disruptions, the current trajectory points toward continued upward pressure for Bitcoin.