Bitcoin’s current price has hit a recent high of $94,700, with analysts eyeing $95,000 as a crucial resistance point. Strong institutional demand for spot Bitcoin ETFs, along with declining exchange inflows and a notable market structure, paint a bullish picture for Bitcoin’s potential breakout. However, minor price pullbacks and existing negative funding rates could influence the market in the short term.
Bitcoin’s price has shot up to $94,700 as of April 23, marking a peak not seen since March. Analysts are suggesting $95,000 is the next key psychological barrier for the cryptocurrency, with some predicting a dip back down might be needed to gather momentum to press higher. “The $94K–$95K zone is clearly the resistance to beat,” tweeted Swissblock on April 24, indicating that there might be retesting of lower support levels before any solid advancement.
The $89,000 to $90,000 range could be where Bitcoin tests its strength, yet some experts speculate this could just create buying opportunities for hopeful bulls. Well-known analyst AlphaBTC mentioned that the price might hover between $93,000 and $95,000 before gearing up to exceed that $100,000 threshold, suggesting that positive signs are lining up for a break above the next resistance point soon, maybe even in the weeks to come.
A notable factor in this upward momentum appears to be ETF demand. Institutional interest is revitalizing, illustrated by large inflows into spot Bitcoin ETFs, totalling around $936 million and $917 million on April 22 and 23 respectively. These numbers represent the most substantial inflows since January 2025, sparking optimism among the financial sector. Jamie Coutts, a market analyst, noted that increasing global liquidity tends to fuel positive asset price movements, which Bitcoin seems to be experiencing.
On another front, Bitcoin supply on exchanges is dwindling. The flow of Bitcoin to exchanges has plunged from nearly 98,000 BTC in late February to just 45,000 BTC by late April. CryptoQuant’s Axel Adler Jr. pointed out that the number of addresses depositing Bitcoin has been falling since 2022, and this timeframe’s 30-day rolling average now sits at 52,000 BTC—a level unseen since 2016.
This declining trend suggests fewer sellers, which could be seen as bullish. Essentially, a growing number of holders indicates a reduction in sell pressure, laying groundwork for Bitcoin’s potential growth.
Bitcoin currently trades above the 200-day simple moving average (SMA), priced at about $88,690 as recorded on April 22. Previous increases past this moving average have seen substantial price rallies. However, should this support fail to hold, critical levels of $84,379 and the psychological mark of $80,000 may become significant next points of interest for traders watching closely.
Finally, Bitcoin’s funding rates have remained negative. Even though the price shot up 11% recently, shorts are paying longs, demonstrating a bearish market sentiment that could result in a short squeeze if momentum shifts. Such patterns have historically led to notable price increases, as seen in past performance. If the trends hold, a breakout above $95,000 could set Bitcoin on a path towards achieving the significant psychological milestone of $100,000.
