Bitcoin remains steady at around $95,000 as traders anticipate key events this week, including MicroStrategy’s Q1 earnings report and the Strategic Bitcoin Reserve deadline. Recent inflows into US spot Bitcoin ETFs illustrate strong institutional demand, indicating a bullish sentiment. If Bitcoin can break through crucial resistance levels, it may embark on a rally towards $100,000. Analysts expect developments from MicroStrategy that could influence Bitcoin’s price positively.
Bitcoin’s price has found itself in a rather quiet mode lately, sticking around the $95,000 mark by Wednesday. Traders are basically holding their breath, hoping for a breakout that could push it higher. Key events are on the horizon, notably MicroStrategy’s Q1 earnings release and the looming deadline for the Strategic Bitcoin Reserve
which could stir things up. Institutional interest continues to grow, adding some fuel to a bullish outlook as recent data shows US spot Bitcoin ETFs bringing in $172.78 million just this past Tuesday. This follows ongoing inflows that started back in mid-April, hinting at strong investor confidence.
Traders are certainly eyeing MicroStrategy’s earnings report due out Thursday. Analysts are feeling optimistic, as the firm recently used up a chunk of its $21 billion at-the-market (ATM) shelf offering, buying more BTC over the week. Looks like they only have about $128.7 million left from that original amount after the purchases. With that in mind, there’s talk about a potential new ATM announcement during the earnings call, similar to previous plans that could have positive implications for Bitcoin’s price.
Another big moment approaches on May 5, when the 60-day deadline tied to Trump’s executive order on the Strategic Bitcoin Reserve arrives. This order was handed down back in March and tasked the US Treasury with evaluating the legal and investment considerations needed for this reserve. Not much chatter has surfaced on this front yet, but analysts expect that to change soon as the deadline nears.
So, what are the actual Bitcoin numbers telling us? Well, Bitcoin managed to climb above its 200-day Exponential Moving Average (EMA) last week, marking an 11.14% gain, but the price hasn’t quite managed to wrap up above its March high. It’s been hovering around that pivotal $95,000 level for the past few days, and if it can break through that and maintain it, there’s potential for a rise toward $97,000 and possibly $100,000. The Relative Strength Index (RSI) is sitting at 66, indicating that there might still be room for upward movement before hitting overbought territory.
If the price cannot crack the $95,000 resistance, there’s a risk of a retreat, which could push it back down to around $90,000. Just to clarify, Bitcoin is, of course, the biggest name in the cryptocurrency arena, known for its decentralisation. Altcoins, any coins that aren’t Bitcoin—including Ethereum—take their cue from Bitcoin’s performance. As for stablecoins, they’re essentially designed to hold value—think of them as crypto’s steadier cousins, often pegged to the US Dollar.
Bitcoin dominance is often discussed in terms of its market capitalisation compared to all other cryptocurrencies. A healthy level of dominance might indicate strong investor confidence in Bitcoin, especially during bullish periods. In contrast, a drop may hint at investors shifting their focus to altcoins in search of higher returns, which can trigger those altcoin rallies we often see.
Just a heads-up: the information provided here is intended for informational use only, rather than as specific investment advice. Always do your own thorough research before making any financial moves, as investing carries its own risks, including the potential loss of investment. Stay safe out there!
