Bitcoin Eyes $90K Target as $72K Breakout and $2.7B Binance Buy Wave Reset Bull Case
- Bitcoin broke above US$72,000, with chart structure pointing to a measured-move target of US$90,000.
- Binance recorded US$2.7 billion in taker buy orders within two hours of the US-Iran ceasefire announcement on April 8, lifting net taker volume to US$1.02 billion, its highest reading since March 17.
- Analysts say the bullish structure depends on US$70,000 holding as support, with US$80,000 as the next resistance rungs before any push toward US$90,000.
Bitcoin (BTC) rose above US$72,000 (AU$104.4k) this week after breaking out of a symmetrical triangle pattern, with easing geopolitical tension and heavy Binance buying helping form a bullish setup that some analysts say could carry toward US$90,000 (AU$130.5k).
The move followed the April 8 announcement of a US-Iran ceasefire, which removed a major macro risk overhang and triggered a broader shift back into risk assets. Bitcoin was trading near US$70,996 (AU$103k) when the breakout took hold, leaving roughly 25% upside to the US$90,000 target implied by the measured move from the pattern.
CryptoQuant’s Darkfost data showed strong momentum behind the rally. Taker buy orders on Binance rose by US$1.2 billion (AU$1.74 billion) around the ceasefire headline and by another US$1.5 billion (AU$2.18 billion) in the following two hours, lifting total taker buying to US$2.7 billion (AU$3.92 billion).
Net taker volume reached US$1.02 billion (AU$1.48 billion), the strongest single-session reading since March 17. CryptoQuant analyst Amr Taha said the move reflected traders buying aggressively as macro conditions improved, rather than reacting only to a crypto-specific catalyst.
The Coinbase Premium Index also turned positive, pointing to renewed US institutional demand alongside offshore buying.
Related: Bitcoin ETFs See $471M Inflow Surge as BlackRock’s IBIT Leads
Momentum Improves Above Support
Technical indicators also strengthened. Bitcoin’s relative strength index climbed to 56 after falling to 15 on Feb. 6, signalling a recovery from deeply oversold conditions. Support is concentrated near US$68,000 (AU$98.6k), where the 200-week exponential moving average and the 50-day simple moving average are converging.
MN Capital founder Michael van de Poppe said Bitcoin had cleared the key US$71,000 level and was building a bullish structure. In his view, holding above US$70,000 (AU$101.5k) is essential to preserve the pattern of higher lows and higher highs.
A break below US$69,500 (AU$100.8k) would weaken that setup and reopen the risk of a move back toward support.
The post Bitcoin Eyes $90K Target as $72K Breakout and $2.7B Binance Buy Wave Reset Bull Case appeared first on Crypto News Australia.
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