Bitcoin Price Hits Multi-Month High, Eyes $92K Target
- Bitcoin (BTC) price reached $82,240, marking a rise of 37% from a low of $60,000 on February 6.
- The short-term holder (STH) cost basis is currently at $79,000, indicating that many holders are back in profit.
- Analysts suggest that breaking through the resistance at $84,000 could lead BTC to target approximately $92,423.
- Bitcoin’s STH spent output profit ratio (SOPR) has turned positive, suggesting reduced selling pressure from recent buyers.
- Key moving averages indicate that acceptance above the $82,600-$83,402 range is critical for sustaining upward momentum.
The current bullish trend in Bitcoin’s price is supported by onchain indicators and market behavior changes among short-term holders. If Bitcoin can maintain support above key resistance levels, it may continue its ascent toward the next significant target of $92K.
With Bitcoin’s recent rise to over $82K and a positive SOPR metric indicating profitable positions for many holders, the potential exists for further gains if resistance at $84K is overcome. (Source)
