Bitcoin Breaks Above Major Moving Averages as Bulls Target $90K Resistance

Bitcoin's price has been steadily increasing over the past couple of months, recovering from the $60K area. The charts show that BTC has reclaimed its major moving averages and is targeting the $90K resistance zone.

The daily chart displays a significant structural recovery from the $60K demand area, with BTC breaking sharply higher in August to move above both the 100-day and 200-day moving averages. The 200-day moving average is currently around $71K, while the 100-day moving average is converging from below near $70K.

The previous resistance around $67K has shifted into an important structural support area, and BTC would need to reclaim the overhead supply zones to extend its current recovery beyond the $100K mark. The main obstacle is the first major resistance zone at $88K-$90K, followed by a higher supply area around $95K.

The 4-hour chart shows that BTC has been consolidating near $83K after reaching the $86K resistance level. A strong move above this level would put the upper part of the supply zone in focus, while a breakdown below $80K could weaken the current short-term structure and increase the possibility of a deeper retracement toward the $75K area.

The adjusted SOPR chart shows that Bitcoin's on-chain profitability conditions have improved, with the metric climbing back above 1. This supports the idea that the recent price recovery is accompanied by improving realized profitability rather than occurring while the metric continues to deteriorate.