Is Bitcoin's Next Test Level $90,000?

After months of struggle, Bitcoin (BTC) bulls have finally managed to break the $70,000 resistance level this week and set new record levels above $76,000. With the return of crypto-friendly Donald Trump to the White House, the key question for traders is: What will be the next resistance level capable of challenging the bulls?

One of the simplest ways to determine this level is by examining price charts. By drawing a trend line from the $64,898 peak in April 2021 and the highest point of November 2021 at $69,000 and extending it forward, we can see that resistance is around $90,000.

The recent move above the significant $70,000 mark, which represents the point where a long-term consolidation model has been resolved, indicates that the upward trend from the lowest levels of October 2023 is resuming. The breakout suggesting strengthened bullish momentum and the positive reversal in the MACD histogram implies that the resistance at $90,000 may soon be tested.

However, if the price falls below the week's low of $66,824, it could invalidate the bullish outlook. It is also important to note that activity in the options market indicates potential resistance at $80,000 and $100,000.

Breakout in the SOL/BTC Pair: Hopes that sector regulations will ease during Trump's presidential term have significantly contributed to larger gains in alternative cryptocurrencies such as Solana's SOL token.

The price of SOL in terms of BTC (SOL/BTC) increased by about 11% this week, breaking free from a range it had been stuck in for months. A breakout from the triangular consolidation represented by converging trend lines means that bulls are finally willing to take the lead in price movement. For the breakout to be confirmed, the weekly candle must close above the upper trend line.