Bitcoin (BTC) has been trading sideways for several weeks now. This range-bound movement has been contributed by a lack of catalyst to push prices upwards. However, BTC now seems to have found its footing again after climbing by 4% to $88,000 today.
The recent recovery in the price of BTC could be fueled by Michael Saylor’s Strategy buying. Panic selling due to fear of lower prices caused by a ‘Trade-Tariff War’ has also faded away hence allowing a price recovery. Following the significant price surge beyond the consolidation, is BTC on its way to a new all-time high (ATH) or does another correction await?
Bitcoin’s Recovery to $88,000 After Weeks of Consolidation
CryptoQuant’s founder and CEO Ki Young Ju highlighted that the “Bitcoin bull cycle is over” recently. But the price of BTC today highlights otherwise – the bull run is way far from over. According to the data on CoinMarketCap, BTC is trading at $88,294.10 as of the time of this writing.
The recent price performance depicts a 3.88% surge on the day. BTC has climbed from the $85,000 price level achieved as the Monday session kicked in and pumped to the current level. Additionally, trading activity around has picked up pace as the 24 hour trading volume shows.
BTC has recorded $26.5 Billion over the last 24 hours depicting a 147.20% surge. Often, a surge in trading volume with pumping prices depicts heightened buying in the market.
What’s Causing the BTC Pump?
Bitcoin’s recent price surge has been caused by a shift in market sentiment due to Strategy’s recent BTC acquisitions. As per the SEC filing dated March. 24, 2025, the Saylor-led firm bought 6,911 BTC worth $584 million between March 17-23. The acquisition has now pushed the Bitcoin holding of Strategy to 506,137 BTC, which is 2.4% of the entire Bitcoin supply.
Strategy now owns Bitcoin worth $44.2 billion purchased at an average cost of $66,608 per coin. The firm is now the fourth largest Bitcoin holder in the world according to top Bitcoin holders in the world report.
The recent buying by Strategy has restored faith in BTC amongst investors who have been adopting a rather cautious approach since BTC started consolidating around $82,000 and $85,000. Hence, the impressive performance by Bitcoin on the day as buying resumes across the market.
Key Price Levels To Watch and BTC’s Technical Outlook
According to the 4-hour chart on TradingView, Bitcoin is advancing towards $90,000, potentially. However, the coin faces short-term resistance around $89,905 level. A pump past this level could see BTC embark on an upward trajectory towards the next resistance at $94,347. If this occurs BTC could surge towards $100,000 and potentially to a new all-time high confirming the recent dip as a bear trap as reported earlier.
Nonetheless, the price of Bitcoin might experience a downward correction if it fails to hold above the current price level. BTC has short term support around $85,000 with stronger support at the $82,952 level. If the coin dips below the short-term support, it could retest the next support at $82,952 hence leading to further price struggles as panic-selling will kick in.
As per the technical indicators of BTC in the chart above, the Relative Strength Index (RSI) has entered the overbought level. The current RSI value is at 78.41 hence confirming that Bitcoin is overbought in the current market. Because of this, Bitcoin could undergo a brief downward movement before attempting another pump towards $90,000. Traders need to observe how the RSI behaves moving forward to see whether it cools off or remains at the current level.
The Moving Average Convergence Divergence (MACD) indicator, on the other hand, points to rising bullish momentum. This clear from the MACD line stands at 874.22 above the signal line rests at 453.93. The current crossover demonstrates powerful bullish momentum suggesting that bulls are now in control. Additionally, the histogram is positive with the bars getting bigger hence confirming a positive market trend.
Is a New Bitcoin ATH Coming Soon?
While BTC shows strong signals that could push upwards, buyers will need more time to so that BTC can gain more strength to push further towards a new ATH. Not until buyers gain more power, BTC could trade sideways between $85,000 and $90,000 in the coming days.
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