Bitcoin has climbed nearly 5% in the past week, reclaiming key support levels.
BTC needs weekly closes above $88,400 and $93,500 to end its downside deviation period.
Analysts suggest a reclaim of the $90,000 level could propel BTC to jump between 8-14%.
GameStop has approved adding Bitcoin to its treasury reserves.
President Trump’s Global Reciprocal Tariffs decision on April 2 could impact Bitcoin’s price movement.
Bitcoin has shown positive momentum over the past week, climbing nearly 5% and reclaiming key support levels. The flagship cryptocurrency has pushed toward the $88,000 mark, with analysts suggesting a potential reclaim of its previous price range is within reach.
After being rejected from the $84,000-$85,000 zone several times in the past two weeks, Bitcoin finally reclaimed this range over the weekend. BTC surged 4.7% from last week’s levels, closing above the $86,000 mark.
During the start-of-week pump, Bitcoin eyed the $89,000 resistance level. It hit a biweekly high of $88,765 but failed to retest the next crucial zone as bullish momentum slowed.
The cryptocurrency has held its current range well. It has been hovering between the $86,000-$88,000 support zone for the past 24 hours.
Analyst Alex Clary believes Bitcoin’s momentum “looks awesome” for a break above the $88,000-$90,000 support zone. His optimism stems from Bitcoin showing a Relative Strength Index (RSI) bullish divergence, a V-shaped recovery, and a breakout above its downtrend resistance.
A breakout and reclaim of the crucial $90,000 resistance level could be very positive. It might propel BTC to jump between 8 to 14% from current prices to the $95,000-$100,000 levels lost in February.
Trader Daan Crypto Trades noted that Bitcoin “has not moved much in the past few weeks relative to SPX.” According to him, BTC’s price has been correlated to the S&P 500 (SPX) and “has mostly been moving hand in hand with each other.”
$BTC Is still trading at a solid spot premium during this bounce.
If it can maintain that while slowly making its way back into the previous range ($90K+), I’d be confident we’re due for a move back to new highs.
This correlation could explain the flagship crypto’s recent drop and bounce. However, he added that Bitcoin is still trading “at a solid spot premium during this bounce.”
Technical Analysis
Analyst Rekt Capital warns that Bitcoin needs weekly closes above $88,400 and $93,500 to end its downside deviation period. Over the past five weeks, BTC has been consolidating between two major bull market Exponential Moving Averages (EMAs), the 21-week and 50-week EMAs.
Its price action has recently gotten closer to the 21-week EMA, around $88,400, ready “for a major trend decision.” According to the analyst, Bitcoin needs a weekly close above this level and a retest into support to target its Macro Range.
Meanwhile, blockchain analytics firm Santiment warns of excessive bullish sentiment on social media. This type of sentiment often signals a market correction, as history suggests that when the majority turns overly bullish, a pullback often follows.
As crypto has bounced nicely in the second half of March, traders have swung the pendulum back toward mild greed. After showing major fear in late February and early March following two stints of Bitcoin dipping as low as $78K, it appears that this rebound to $88.5K has… pic.twitter.com/WGvmvKSv2X
In corporate news, GameStop’s board approved the company’s investment policy to include Bitcoin as a treasury reserve asset. This strategic move allows GameStop to allocate a portion of its cash holdings or future financing proceeds into Bitcoin.
GameStop’s stock, the so-called original “meme stock,” experienced a surge after the announcement. It rose more than 8% in after-hours trading.
A major shift is happening in the U.S., with governments and institutions increasingly recognizing Bitcoin’s value. The Oklahoma House recently passed the Strategic Bitcoin Reserve Bill, joining Texas, Arizona, and Utah in embracing Bitcoin as a state treasury asset.
This move reinforces Bitcoin’s legitimacy as a store of value. It signals growing confidence in its long-term stability and could boost its institutional adoption if more states follow suit.
Right now, all eyes are on President Trump’s Global Reciprocal Tariffs set to take effect on April 2. This decision could create uncertainty in financial markets and impact Bitcoin’s price movement.
Initially, broad levies were anticipated. However, recent reports suggest a more selective approach, focusing on countries with significant trade imbalances with the U.S.
The cryptocurrency market has shown sensitivity to geopolitical developments. Bitcoin’s price movements have been closely linked to news on trade policies throughout this period.
If Trump’s tariffs turn out to be less restrictive than initially feared, Bitcoin could see increased demand. This might further push its price higher toward the key $90,000 level and beyond.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 
As crypto has bounced nicely in the second half of March, traders have swung the pendulum back toward mild greed. After showing major fear in late February and early March following two stints of Bitcoin dipping as low as $78K, it appears that this rebound to $88.5K has… pic.twitter.com/WGvmvKSv2X