Bitcoin Traders Eye $95,000 Target as Sui Network’s SUI Rallies

Bitcoin is trading above $93,000, with traders optimistic about reaching $95,000 soon. Call options suggest a bullish outlook as Sui Network’s SUI climbs over 62%. While major cryptocurrencies remain steady, market sentiment remains cautious amid macroeconomic factors.

Bitcoin’s price action continued to spark interest among traders. As of Friday morning, BTC was trading above $93,000, stirring up optimism for further short-term gains. Trading firm QCP Capital noted that call options centred on $95,000 strikes—set to expire by late April and May—have been the dominant focus, suggesting traders are gearing up for an upswing.

Call options allow traders to buy Bitcoin at a predetermined price before an expiry date, and their recent surge indicates a strong belief that Bitcoin could breach the $95,000 threshold soon. Despite this bullish sentiment, QCP Capital cautioned that with macroeconomic risks and trade tensions stabilising, Bitcoin might hover between $90,000 and $94,500 as the market awaits a more significant push towards the coveted $100,000 level.

Meanwhile, other major cryptocurrencies showed minimal movement over the last 24 hours. XRP and BNB remained steady, while Solana’s SOL edged up about 2%. Notably, both Dogecoin (DOGE) and Cardano’s ADA experienced boosts of over 4%, and shiba inu (SHIB) rose by 5%. Overall, the CoinDesk 20 index, which tracks the largest crypto assets, noted a modest gain of 1.2%.

In a different sphere, Sui Network’s SUI has been on quite the run, showing impressive gains of over 62% this week. The company behind it, xPortal, is gaining traction with the announcement of a new payment card backed by Mastercard. Recent data indicates that the Sui Network’s total value locked (TVL) has surged past $1.6 billion, marking a 9% increase just in the last 24 hours. Furthermore, the trading volume on its decentralised exchange hit $599 million, growing by 35% from the previous week.

Shaurya Malwa, who heads the CoinDesk tokens and data team in Asia, is reporting on these developments, highlighting trends in crypto derivatives and market analysis. Malwa maintains a significant personal investment in various cryptocurrencies and actively participates in multiple liquidity pools. This dual perspective provides a unique view into both market insights and trader strategies.