Bitcoin surpasses $95,000, spurring speculation about reaching $100,000. Currently priced at $95,104, it has risen 13.3% in a week due to economic uncertainty pushing investors to safer assets. Institutional interest and over 85% of holders in profit are key factors driving the rally. However, caution is warranted, as dips may lead to $85,000-$87,000.
Bitcoin has surged past the $95,000 threshold, igniting discussions about a potential rally that might see it reclaim the $100,000 mark. Over the last 24 hours, the largest cryptocurrency—by market cap—hit highs of $95,444. Interestingly, this is a notable recovery from mid-February when it was last at this level before it retreated below $80,000 earlier this month.
As of April 30, at 12:00 UTC, Bitcoin has shown slight growth, sitting at $95,104—a rise of roughly 0.1%. It currently boasts a market cap of around $1.88 trillion. However, daily trading volumes have dropped close to 20%, now resting at $22.6 billion, which might beckon future volatility.
This rally seems to have gained momentum over recent days, with Bitcoin climbing by 13.3% in just a week and by 15.7% over the past month. Analysts suggest that economic instability has pushed traditional investments, like stocks and fiat currencies, into a downturn, prompting investors to seek refuge in assets perceived as more secure, such as gold and cryptocurrencies. In fact, gold recently hit a remarkable high of $3,390.
Moreover, there’s a surge in institutional interest, reportedly driving Bitcoin’s recent performance. Data from SoSoValue indicates that U.S. spot Bitcoin ETFs experienced net inflows of $764 million within the last week. Such movements may be reflecting a larger trend toward cryptocurrency adoption.
Noteworthy in the current market conditions is the supply-in-profit metric noted by CryptoQuant contributor Darkfost, indicating that over 85% of Bitcoin holders are currently in profit. This marks a significant rise from the 75% recorded during its last price dip, hinting at growing optimism among investors.
Previous analyses from crypto.news have pointed out that if Bitcoin manages to break through the $98,000 barrier, it might just propel the cryptocurrency back towards the elusive $100,000 mark. Conversely, a slip from its current trajectory could see prices retreating further to a range between $85,000 and $87,000.
As always, please note that this article is for educational purposes and does not constitute investment advice.
