Bitcoin price recovers towards $83.000 as analyst eyes possible move to $90.000

Bitcoin is showing signs of recovery again and is approaching the $83.000 mark. After a correction on Sunday, the price has risen 1%, while crypto analyst Michaël van de Poppe sees scope for a further move towards $90.000. Ethereum is also attempting to recover and has climbed back above $2.400. For both cryptocurrencies, however, there are significant resistance levels that must first be broken.

Bitcoin is currently trading around $82.891, with a trading volume of more than $25.4 billion over the past 24 hours. On a weekly basis, the largest cryptocurrency is still down 1.37%. Its total market capitalisation stands at around $1.67 trillion.

Bitcoin price approaches key resistance level

According to Michaël van de Poppe, the picture for Bitcoin is far from bad. The analyst does not consider the current price action outright bullish, but he also sees little reason to turn bearish straight away.

He regards Sunday’s recent decline as a normal correction within a potentially larger recovery. Over the longer term, he expects Bitcoin to move higher again, with $90.000 as his price target.

To get there, however, Bitcoin must first break through current resistance.

His chart shows the price moving towards $82.900 again. There is an area around $83.000 where sellers have previously stepped in. A convincing breakout could open the way towards $84.153 and then $85.269.

Van de Poppe is also watching the opening of the US stock market. If US equities open positively, he expects Bitcoin may perform more strongly.

Ethereum recovers above $2.400

Ethereum is also trying to put the recent price decline behind it. The cryptocurrency is trading around $2.436, bringing it back above the psychological $2.400 threshold.

Crypto analyst Ted Pillows remains cautious, however. In his view, Ethereum is closing the past week below its May price peaks. He sees that as a less encouraging signal for the price outlook.

He therefore does not rule out Ethereum making one final decline before a convincing recovery begins.

On his weekly chart, the first major support sits around $2.356. Below that is a broader support zone around $2.170. If that level is also lost, $1.965 comes back into view.

On the upside, the first major resistance lies around $2.802. According to the chart, a breakout above that could open up room towards $3.447.

Is the next crypto rally on the way?

For Bitcoin, everything in the coming period will hinge on a convincing breakout above $83.000. If buyers manage it, the next resistance levels could come into view quickly.

Ethereum, meanwhile, is in a more vulnerable position. Although the price is back above $2.400, the distance to the first major resistance remains considerable.

The coming trading days should make clear whether the recovery in both cryptocurrencies continues or whether another correction follows first.