Bitcoin Breaks $90K With Momentum, Just 17% Away From All-Time Highs — What Traders Should Watch Next

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On Tuesday, during the New York trading session, Bitcoin made an aggressive move with strong momentum above $90,000 and traded toward the yearly open, which is sitting at $93,548.

The yearly open is the price at which the new yearly candle opened on January 1st. This level is often a point where traders may take profits, potentially acting as short-term resistance.

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In the short term, as of writing on April 23, Bitcoin may be due for a retracement after this strong rally, as price is struggling to break above the yearly open. With this in mind, it will be important to monitor a few key levels:

Yearly Open – $93,548: This is where Bitcoin is currently facing resistance, as price struggles to move decisively above it.
$89,400: This marks the 50% retracement of the recent swing low at $83,900 to the current local high at $94,904. If a pullback occurs, this level could serve as potential support.
$88,000s: This was a previous area of resistance where Bitcoin was rejected three times before finally breaking out. It may now act as support on a retest.

If Bitcoin begins to trade significantly below these key levels, particularly beneath the $89,400 and $88,000 areas, the four-hour, or H4, chart structure would likely shift toward a more bearish outlook. Such a development could signal that the current momentum is fading and that short-term buyers are either taking profits or exiting positions.

This potential shift in structure may also suggest that the broader daily and weekly timeframes are preparing for a deeper correction. In that case, we could see Bitcoin revisit lower levels, with the $74,000s being a key downside target due to previous consolidation and inefficiency zones in that region. A break below these critical levels could open the door to further weakness and possibly set the stage for a more prolonged retracement or even a trend reversal, depending on the reaction at those lower levels.

That said, for now, the overall structure remains bullish across the one-hour, four-hour, and daily charts. Bitcoin continues to hold higher lows and has maintained a strong uptrend, especially following the recent breakout above prior resistance levels. However, caution is still warranted.

The yearly open at $93,548 presents a significant technical level that could act as a major point of rejection. On the weekly chart, there’s a valid argument that Bitcoin may be forming a lower high relative to its previous weekly structure. If price fails to break and close convincingly above the yearly open, it could serve as a key inflection point where institutional or larger participants decide to take profits or re-enter shorts.

As such, traders should closely monitor price action around this level. Repeated rejections or signs of weakness—such as lower timeframe breakdowns or bearish divergence—could be early signals of a broader trend shift. On the flip side, if Bitcoin manages to flip the yearly open into support and establish a strong base above it, this would reinforce the bullish narrative and open up the possibility for new all-time highs in the coming weeks.

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This article Bitcoin Breaks $90K With Momentum, Just 17% Away From All-Time Highs — What Traders Should Watch Next originally appeared on Benzinga.com