Key points:
Bitcoin is setting up a showdown with leveraged shorts immediately above its yearly open price.
That key level near $93,500 is the main target for traders hoping that BTC/USD will cement its latest breakout.
The next support retest could involve $87,000, analysis suggests.
Bitcoin (BTC) consolidated below a key resistance target on April 24 as a BTC price forecast brought sub-$90,000 levels into play.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewAnalyst: BTC price correction “fairly normal”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retesting $92,000 as support overnight.
The pair broadly maintained six-week highs while global markets remained at a loss over the trajectory of the ongoing US trade war.
“The market is now up over +1% on the day on no news at all,” trading resource The Kobeissi Letter summarized