Bitcoin has surged past $96,000, lifting the global cryptocurrency market cap above $3 trillion. This uptrend is attributed to emerging institutional interest, especially speculation around NVIDIA buying Bitcoin, as well as the regaining momentum of Bitcoin spot ETFs. Despite resistance around this key price, data suggests if Bitcoin breaks through, it could easily reach $109,000. Overall, the current trading price sits at $96,920 with a market cap of $1.92 trillion.
In a remarkable turn of events, Bitcoin has surged past $96,000, pushing the total global cryptocurrency market cap back over $3 trillion. After what seemed like an endless slump, Bitcoin managed to record a 3% rise in just 24 hours, hitting this significant milestone once again.
What’s driving this momentum? Bitcoin’s recovery, which began in early April, saw it bounce back 29% from an intraweek low of $74,363 to its current price. This upswing follows a rough patch characterised by macroeconomic challenges, mainly exacerbated by the ongoing tariff conflict between China and the US.
Institutional interest seems to be sparking a renewed bullish vibe in the crypto space. Speculation is rife that NVIDIA, the notable chip manufacturer, may look to diversify its holdings by buying Bitcoin for added market stability. It’s quite a rumour, but one that undoubtedly has turned heads in the blockchain community.
Moreover, the US Bitcoin spot ETFs appear to be gaining traction again. Following a net outflow of $56.23 million yesterday, they had previously enjoyed an impressive eight-day inflow streak, accumulating a hefty $3.9 billion during that time—definitely a sign of growing investor confidence.
Now, about that pesky resistance level at $96,000—Bitcoin has been under considerable selling pressure in this vicinity. For close to a week, it has hovered around this point, but it’s interesting to note that, following a recent break above $96,500, it’s hit its highest price since March 2.
Data analysis from IntoTheBlock reveals that approximately 1.38 million addresses bought Bitcoin at an average price of $96,950. This statistic indicates that the level could act as a crucial resistance zone. Should the current bullish momentum sustain, it’s conceivable that Bitcoin could finally break through this barrier and target even higher price levels.
A recent analysis suggests that if Bitcoin successfully clears this resistance, it might swiftly move towards $109,000, given the lack of notable supply zones in between. As it stands, Bitcoin is currently trading at around $96,920, resulting in a market cap of approximately $1.92 trillion.
In a world where crypto prices swing wildly, it’s essential to keep in mind that this piece is merely informational. It’s not intended as financial advice. The views here are those of the writer and do not reflect the opinion of The Crypto Basic. Always do your own research before embarking on any investment decisions; no one wants to walk into losses.
