Bitcoin has surged towards $95,100, raising hopes for a move to $119,500 soon. Traders accumulated significant amounts, with 20,000 BTC purchased in 48 hours, indicating strong market confidence. Analysts highlighted key price levels: maintain above $95,500 for bullish targets and watch for a drop below $93,600, risking a decline to $88,615. Caution is warranted as potential upward moves could lead to historic rallies.
Bitcoin’s price saw a notable increase as it surged toward $95,100, raising expectations of a potential rise to $119,500 soon, according to industry experts. In a striking move, traders accumulated 20,000 BTC, equivalent to around $1.86 billion, within just 48 hours. This significant buying activity has reinforced bullish momentum, though it’s worth noting that slipping below $93,600 could result in a decline to around $88,615.
On Sunday morning, April 27, Bitcoin broke through the $95,100 threshold after a weekend spent hovering around $93,000. This shift in momentum is seen as a positive signal for the ongoing bull cycle that many anticipate will extend into 2025. Analysts have been closely watching a horizontal channel in Bitcoin’s daily chart, which often heralds substantial price activity. A decisive move above $100,000 could spark a rally towards the sought-after $119,500 target.
Recent data from Santiment indicates that investor interest is revitalising, as traders have keenly acquired 20,000 BTC. This accumulation hints at a solid confidence in the market’s immediate future. The Short-term Holder Cost Basis also showcases that Bitcoin is hovering around $93,145, a crucial level within a wider range from $71,150 to $131,800—supporting a bullish outlook if sustained.
Analyst Ali Martinez also chimed in, suggesting that if Bitcoin manages to hold firmly above $95,500, it could aim for an estimated target around $113,800, based on MVRV Pricing Bands. This adds to the hopes surrounding Bitcoin’s future trajectory.
Bullish sentiments have been further affirmed by Bitcoin’s daily close above $94,400, while the price now sits within the upper Keltner Channel band at $94K. The expansion of the Keltner Channel implies increasing price momentum, potentially leading towards $102,500 if favourable conditions persist. Still, caution is advised here.
It’s important to mention that the Parabolic SAR indicator remains at $87,224, indicating that upward momentum could carry on for Bitcoin. With a TM RSI level at 66.31, there’s still room for growth below the overbought territory. However, if Bitcoin drops below $93,600 in intraday trading, it might see pullbacks towards the Keltner basis line at $88,615. Thus, investors need to keep a vigilant eye on these crucial levels and manage their exposure wisely as Bitcoin navigates this pivotal price point.
Overall, the goal of reaching $131,800 could trigger a historic rally, but market participants should remain alert to the dynamic nature of cryptocurrency trading.
