Bitcoin remains steady at $94,700, bolstered by a $1 billion ETF inflow from BlackRock. Trading volume has decreased slightly, but weekly gains remain positive. U.S. labour data suggests a dovish Fed, potentially favouring BTC growth. Analysts predict Bitcoin could reach a $2 trillion market cap with a slight price rise, as institutional investments drive momentum.
Bitcoin Stays Stable at $94,700 Amid ETF Boost and Economic Signals
Bitcoin is making waves, with its price hovering around $94,700 lately, even with some mixed signals from the market and moderate trading activity. A major factor influencing this stability is BlackRock’s recent $1 billion inflow into its Bitcoin ETF, which has injected a dose of optimism into the crypto space. As Bitcoin inches closer to a $2 trillion market cap, it certainly has caught the eye of investors.
At the time of reporting, Bitcoin (BTC) trades at $94,716.98, showing a slight dip of 0.17% over the last day. Trading volumes, however, have dropped by 14.70%, now sitting at $26.88 billion. Over the last week, Bitcoin has recorded gains of 1.78%, suggesting that there is still an underlying bullish trend flowing beneath the surface, even with the current uncertainties in the market.
Digging into the technical signals, the latest hourly candle concluded at $94,585.48, which sits below both the 25-period and 50-period simple moving averages (SMA) of $94,797.15 and $94,588.09 respectively, indicating a period of indecision. Moreover, the Relative Strength Index (RSI) at 47.59 points suggests that traders are somewhat stuck between buying and selling. The MACD, on the other hand, is at -25.64, revealing a lack of momentum, while the Average Directional Index (ADX) sits at 21.77, signifying weak trend strength.
Trading volume has also trailed off, currently at 519.07, which is below the 30-day average of 720.46. Traders seem to be waiting for clearer signals before making their next moves. Resistance levels are located near $95,630, whereas support is at $92,800; clear areas to watch.
$1 Billion Inflow Fuels Bitcoin’s Climb towards $2 Trillion Market Cap
One of the most significant catalysts for Bitcoin’s recent performance is the impressive $1 billion inflow into BlackRock’s iShares Bitcoin Trust (IBIT) on April 29, marking its highest intake since the ETF’s inception in January. This surge briefly pushed Bitcoin past the $95,400 mark and illustrates the growing institutional interest in digital assets.
Experts are projecting this bullish trend could aid Bitcoin’s bid to reach a $2 trillion market cap—with just a modest 5-6% price rise needed to hit that milestone. Standard Chartered’s Geoff Kendrick has reiterated his price target of $120,000 for Q2 2025, citing ongoing weakness in the macroeconomic environment and increasing institutional engagement. If liquidity improves, Kendrick believes BTC could even push up to $140,000. This ETF boom shows that Bitcoin is becoming more integral to global investment strategies, with institutional players now driving most of its upward momentum.
U.S. Economic Indicators Point to Possible Bitcoin Boost
On the broader economic front, new US data might further support Bitcoin’s outlook. The Labor Department has announced that job openings decreased to 7.2 million in March — below expectations and the lowest since 2021. In another concerning sign, the consumer confidence index from the Conference Board fell for the fifth consecutive month, leading analysts to anticipate a dovish response from the Federal Reserve.
Historically, these situations can act as a tailwind for risk-sensitive assets like Bitcoin. If the Fed opts for expansionary policies, it could potentially direct considerable capital toward crypto markets. With ongoing institutional inflows, this context might set Bitcoin up to test its resistance at around $98,500, supported by a solid RSI of 65.59 that hints at further ascents.
