Bitcoin's $90K Comeback Tour: Bulls Go Full 'Aggressive' Mode With $2.7B Buying Spree

Bitcoin is back in the saddle, eyeing $90K after a solid 7% rally above $72,000 on Tuesday. Analysts say buyers are starting to dominate volumes on Binance, with bulls now eyeing further gains amid improving macro sentiment. The king of crypto is apparently done with its coffee break and ready to moonwalk back to all-time highs.

The latest rally saw Bitcoin reclaim key support areas, including the $68,000 zone where the 200-week exponential moving average and the 50-day simple moving average converge. "Bitcoin breaks through the crucial $71K level and builds a bullish structure," MN Capital founder Michael van de Poppe said. The analyst pointed out the next crucial resistance zone is $80,000, and holding support at $70,000 is required to secure the recovery toward $90K. Those moving averages are basically holding hands like teenagers at a middle school dance, and apparently they want to see Bitcoin at $90K.

From a technical perspective, BTC/USD is validating a symmetrical triangle after breaking above its upper trend line at $70,000 on Tuesday. A daily candlestick close above this level would confirm the breakout, with the next line of resistance being the $76,000 range high. Above that, bulls will face resistance at $80,000 before pushing Bitcoin toward the measured target of the triangle at $90K — 25% above current prices. Symmetrical triangles: the only thing in crypto more symmetrical than your portfolio's losses and gains.

The daily RSI has increased to 56 from oversold conditions at 15 reached on Feb. 6, suggesting increasing bullish momentum. Maintaining above $69,500 in the near term is crucial for bulls to sustain the recovery. RSI going from 15 to 56 is basically the difference between "should I delete my wallet" and "maybe I'll actually use that hardware wallet I bought in 2017."

Bullish sentiment is returning as a key metric from Binance shows buyers starting to dominate the platform's volumes. The Binance taker buy volume increased by $2.7 billion within two hours following the US-Iran ceasefire agreement on Tuesday. "Within just two hours, during and after the announcement, $1.2B and $1.5B ($2.7B) in taker buy volume appeared on derivatives markets," CryptoQuant contributor DarkFost said in an April 8 note. "This sudden improvement in visibility allows investors to reposition in the short term, and sends a constructive signal for Bitcoin." $2.7 billion in two hours is the kind of buying pressure that makes traders feel like they're at a Black Friday sale, except the doorbusters are Bitcoin futures.

The increased flow of liquidity was reinforced by net taker volume, which measures the imbalance between aggressive buyers and sellers. The Binance Bitcoin cumulative test taker volume has climbed to $1.02 billion — its highest level since March 17 — signaling a sharp return of aggressive buying. "This suggests Binance traders were buying aggressively into improving macro sentiment, not just reacting to a crypto-specific headline," CryptoQuant analyst Amr Taha said. Apparently, degens aren't just chasing memecoins anymore — they're actually reading the news. Progress.

Meanwhile, Bitcoin's Coinbase premium index has flipped positive, pointing to a return in demand from US investors following a long stretch of negative readings. The premium going positive is basically the US saying "we were on a break" to selling pressure, and now they're back to buying the dip like they never left.