MW Why bitcoin's next stop could be $98,000 after surmounting this key hurdle, technical analyst says

By Frances Yue

The cryptocurrency briefly rises above a key resistance level at $75,200 in recent trade

Bitcoin is still 40% lower than its peak in October.

Bitcoin on Tuesday tested a key level that analysts say has been a barrier to further gains for months. This has left the pioneering cryptocurrency on the cusp of a breakout that could take its price back toward six-figure territory, analysts said.

The world's largest crypto traded as high as $76,094 on Tuesday, before falling back to around $74,333 in the afternoon, according to FactSet data. It briefly rose above a key resistance level at $75,200, according to Katie Stockton, founder and managing partner at Fairlead Strategies. Stockton determined that key technical barrier using a daily cloud model, which is a widely followed indicator among technical analysts.

Whether bitcoin (BTCUSD) can stay above that level matters for the battered cryptocurrency, which has been stuck in bear-market territory since November and is still trading more than 40% below its Oct. 6 record high of $126,272.76. A bear market is typically defined as a decline of 20% or more from a recent peak.

A sustained move above $75,200 could be a sign that bitcoin is finally regaining momentum after months of pressure. But if it fails again, it would suggest that many investors are still using gains as a chance to sell, Stockton and other technical analysts noted.

If bitcoin can "hold up above the $75,200 area for a couple of days, unlike a similar breakout attempt in mid-January, that would mark a short-term breakout," Stockton told MarketWatch. In that case, the near-term outlook for bitcoin would improve, with $98,200 as the next level to watch, Stockton said.

Below is a bitcoin daily cloud chart with the crypto's 50- and 200-day moving averages.

A separate technical reading from Tyler Richey, technical analyst and co-editor at Sevens Report Research, also suggested that bitcoin's setup was starting to look more attractive.

"The risk-reward of buying/adding bitcoin here is improving considerably," Richey told MarketWatch on Tuesday.

If bitcoin futures (BTCK26) could confirm a break above $74,685, the crypto could move expeditiously toward $83,190 next. After that, investors should set their sights on a secondary target of $92,000, Richey said.

If bitcoin futures fail to break above that level, though, it would be a sign that too many investors still see more downside risk than short-term upside.

"Such a failure would not necessarily be bearish but would leave the strategic technical outlook stuck in neutral for the time being," he wrote.

Major stock indexes climbed on Tuesday, sending strong technical signals. The Dow Jones Industrial Average DJIA ended up 0.7% on Tuesday, according to Dow Jones Market Data. The S&P 500 SPX finished at its highest level in two months, sitting less than 0.2% below its record close. The Nasdaq Composite COMP recorded its 10th straight gain, logging its longest winning streak since November, 2021.

Read: Why two Wall Street titans just turned bullish on U.S. stocks

-Frances Yue

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April 14, 2026 16:54 ET (20:54 GMT)

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