Bitcoin exceeded $ 88,000 in a moment

Bitcoin BTC $88,432.47 Mezo Wrapped BTC 1.81% Market capitalization $43.63 million VOL. 24 hours $2.16 billion exceeded the $ 88,000 mark at the moment — the main cryptocurrency rose amid market expectations that the US Federal Reserve may cut its discount rate as early as December. This factor has become a key catalyst for the recovery in the cryptocurrency market, which has begun to emerge from the recent downturn. At the time of writing, the price of BTC was hovering around $ 87,000 after briefly falling below $ 82,000 last week.

An analyst at Daan Crypto Trades noted that Bitcoin has «completely lost its bull market support zone» and currently has about a $ 20,000 gap before returning to this range. He added that the technical structure of the market remains stable if the April lows are maintained. In April, Bitcoin fell to $ 75,000, but the current correction has been much deeper.

Another analyst, known as Rekt Capital, suggested that a weekly candle closure above $ 86,000 could pave the way for the price to rise to $ 93,000, as there are no significant support or resistance zones between these levels. According to TradingView, Bitcoin closed last week at $ 86,820.

In turn, the Stockmoney Lizards analyst drew attention to the formation of the wedge pattern and the oversold of the RSI indicator, which was already observed in March and April. According to him, previous similar pullbacks ended with a new all-time high.

However, not all experts share the optimism. Commentator Colin Talks Crypto warned that the current growth is more of a «relief bounce» after an oversold condition rather than the beginning of a new bullish trend. He emphasized that in order to reach new highs, Bitcoin needs to regain control of key levels well above current levels.