Bitcoin Seeks All-Time High Time High, But Key Level Must Hold For Breakout

As political events, economic movements, and investor mood wreak havoc on the crypto market, Bitcoin's price direction remains uncertain. The asset may rebound shortly, but there's a catch.
Major Bitcoin Upswing Depends on This Level
Bitcoin may rise in the coming weeks after weeks of negative pressure. Market analyst and investor Daan Crypto Trades expects BTC to rise to new highs after it overcomes market turbulence.
The analyst anticipates a rally to a new all-time high, but he has identified a significant support level near $90,000. Bulls sustaining this level may give BTC the power to break beyond prior highs, signaling a long-term bullish trend.
Recent BTC performance has been volatile around this key price point. The flagship asset is trading below the last range bottom of $90,000 but above the daily 200MA/EMA.
A comeback and hold above $90,000 would revive bullish momentum, enabling BTC to recapture its all-time high, according to Daan Crypto Trades. The anticipated upswing would follow consolidations, retakes, and range breaks.
However, a decline and stay below $80,000 indicates severe price weakness and might be a wick. Under these conditions, the analyst thinks BTC may be targeting $74,000, the last range high test.
Significance Of $64,000 Price Range
BTC has dropped dramatically, revisiting key support levels owing to market instability. Darkfost, a CryptoQuant technical and verified contributor, said Bitcoin is approaching $83,000, the expected price of the 3 to 6-month holding cohort.
These holders would cut their realized price to protect their investments if BTC fell below this range. Following the 6 to 12-month holders' realized price, the next group support level is $64,000.