Bitcoin reached above $95K as bullish momentum grows, spurred by tariff news from Trump. Changpeng Zhao’s comments fuel optimism among investors. Technical indicators show potential for further gains, eyeing a target of $102,500, though downside risks remain.
Bitcoin’s price surged above the $95,100 mark on April 27, demonstrating significant buying momentum during pre-market trading. The cryptocurrency kicked off the weekend around $93,000 but saw a sharp uptick, closing at $95,115 by midday Sunday, reflecting a 1.0% increase over the past 24 hours, based on data from CoinGecko.
The upward trend in Bitcoin can be partly attributed to U.S. President Donald Trump’s announcement aimed at easing tariffs on Chinese goods, which has improved overall risk appetite in financial markets. Bullish movement was noted as Bitcoin outperformed both gold and the S&P 500, registering a remarkable 10.6% increase over the week.
Changpeng Zhao, Binance’s co-founder, added fuel to the fire by posting a tongue-in-cheek “buy-the-dip” message on X, formerly Twitter, suggesting he believes further gains are on the horizon for Bitcoin. His comments carry significant weight, given his prominent role at the world’s largest cryptocurrency exchange.
Analysts currently make a bullish prediction for Bitcoin today, with targets possibly reaching $102,500. The price has maintained a solid position above $94,300, which is reflected in the charts. The Keltner Channel’s current expansion hints at increasing momentum, a sign that could lead to a sustained rally.
Additionally, the Parabolic SAR, now at $87,224.78, continues to signal a bullish trend beneath current pricing. Moreover, metrics like the TM RSI at 66.31 indicate that Bitcoin is yet to enter overbought territory, supporting further potential gains.
However, risks remain—loss of the $93,600 mark could signal a bearish reversal and a dip towards the Keltner basis line at $88,615. It’s worth watching for developments, given the volatility in the market.
