Bitcoin is currently holding around $92,800 after a week of gains, with a market cap of $1.83 trillion. The rise is attributed to optimistic trade signals and institutional interest. Technical indicators show mixed signals, with key support levels identified. Meanwhile, Bitcoin advocates in Switzerland push for its inclusion as a national reserve asset.
Bitcoin is holding steady near $92,800 after a tumultuous week characterised by significant gains and profit-taking. The world’s largest cryptocurrency shot past $94,000, but has now stabilised as investors weigh bullish signals against wider macroeconomic trends. Currently, Bitcoin is valued at approximately $92,875, boasting a market cap of $1.83 trillion and daily trading volume exceeding $37 billion, catching attention from Wall Street and crypto markets globally.
This week’s surge, where Bitcoin jumped nearly 7% to its highest level since early March, was notably influenced by unexpected political news. President Donald Trump’s adjusted stance on tariffs and Federal Reserve Chair Jerome Powell may have lifted spirits in the market. Treasury Secretary Scott Bessent contributed to the optimism, branding current tariffs “unsustainable” and hinting at possible relief ahead. To add fuel to the fire, trading reports indicated that Japan’s Economy Minister is set to negotiate further with the US next week, buoying hopes of reduced global trade frictions which typically favour riskier assets like Bitcoin.
On the technical side, the situation seems more complicated. Daily charts reveal Bitcoin’s rise from a low of $74,434 to a high of $94,700, though the volume accompanying these movements suggests some caution. The four-hour chart indicates a potential distribution phase, showing signs of profit-taking with a rounded top formation and decreasing highs. Support is still solidly expected around $88,000-$90,000, yet a close above $92,800 with increasing volume could trigger a new push towards $96,000.
There are mixed signals from momentum indicators – the RSI sits at 64, indicating neutrality, while the Stochastic (92) and CCI (187) suggest the market might be getting overextended. On the bright side, the MACD points toward a bullish divergence, maintaining an upward trend. Moving averages are also on Bitcoin’s side, with all exponential and simple averages from 10 to 200 periods backing a bullish trend, particularly the 200-day EMA at $85,274 which is providing a solid support level.
But it’s not all clear sailing. Analysts warn that a deeper short-term pullback could be on the cards, especially if Bitcoin can’t hold above $91,700. If that level is breached, the price may retreat to $88,000 or even $85,000, coinciding with key Fibonacci levels. Furthermore, the uncertainty in global trade policies can create sudden market fluctuations; shifts in political tone may lead to market jitters, potentially pushing prices down to stronger support.
In an interesting twist, supporters of Bitcoin in Switzerland are advocating for the Swiss National Bank to include Bitcoin in its reserves. As fears surrounding geopolitical tensions and inflation grow, advocates argue that Bitcoin represents a safe haven against ongoing fiat risks. Luzius Meisser from Bitcoin Suisse plans to voice this need at the SNB’s upcoming general meeting, and a referendum is already in motion to make Bitcoin a legal reserve asset in the country.
While Bitcoin continues to assert its dominance, altcoins appear to be lagging. Ethereum is down 3% to $1,750, XRP has dipped by 4% to $2.18, and other altcoins like Solana and Cardano are also losing ground. Dogecoin dropped over 4%, though Polygon (MATIC) stands out, surging over 17% following a significant ecosystem upgrade announcement.
Looking ahead, the outlook for Bitcoin remains bullish. The cryptocurrency is firming an uptrend supported by technical indicators and overarching macro trends. If Bitcoin can maintain levels above $92,800, especially with supporting volume, a journey towards $96,000 may be imminent. On the flip side, slipping below key support levels like $91,700 or $90,000 may prompt a significant correction, although it is likely to remain within the broader bullish context. Traders should stay adaptable and attentive to the data as Bitcoin treads the fine line of bullish momentum versus profit-taking pressure.
