Bitcoin price breaks out above $86,200 as whales accumulate and RSI signals caution
Bitcoin breaks $86.2K resistance, hits three-week high amid whale accumulation.
Bitcoin broke out of a tight multi-day consolidation range on Monday, April 21, climbing 3.35% during the Asian session to reach a three-week high near $87,700.
The move marked a clear breakout above the $86,200 resistance and extended the monthly gain to over 7%, as buying momentum picked up pace after the Easter weekend.
The breakout follows a week of narrow price movement where Bitcoin traded within a 3.5% range between $86,200 and $83,200. That consolidation was tightly held between the 20-day and 50-day exponential moving averages. Despite the limited volatility, Bitcoin still posted a weekly gain of 1.75%, recording two straight weeks of upward movement.
BTC price dynamics (March 2025 - April 2025). Source: TradingView
On the daily chart, the breakout appears technically supported by the 20-day EMA, which has been acting as a reliable short-term floor throughout the range-bound price action. Monday’s surge not only pushed the price above the range resistance but also above the 50-day EMA, reinforcing a shift in short-term momentum toward buyers.
However, the 4-hour RSI has entered overbought territory, suggesting the potential for near-term pullbacks. Should any retracement occur, the broken resistance at $86,200 and the 50-day EMA now serve as key support levels. On the other hand, the daily RSI is still well below extreme levels, indicating more room for price appreciation over the coming sessions. Bullish targets in this scenario point to the double top near $88,900, last tested earlier this month.
Bitcoin whale wallet count rises to 2,107, reinforcing bullish trend
On-chain data also aligns with this bullish narrative. According to Glassnode, the number of wallets holding over 1,000 BTC has risen sharply since early March. Over 60 new whale wallets have emerged, pushing the total to 2,107 as of April 15, a four-month-high. This increase in large-holder accumulation strengthens confidence in the upward momentum, especially during periods of low volatility.
Overall, the combination of a clean technical breakout, sustained institutional accumulation, and supportive RSI positioning on higher timeframes suggests Bitcoin may be setting up for a push toward the $89,000 zone, provided near-term pullbacks remain supported above $86,200.
Bitcoin traded within a narrow range ahead of $1.97B in options expiring on April 18. Price slipped slightly from $84,994 as EMAs confirmed continued compression.
