Bitcoin has crossed the $96,000 mark, helping the global crypto market reclaim a $3 trillion valuation. This surge follows a recent recovery in price and discussions of institutional interest, notably from NVIDIA. Despite facing some selling pressure, analysts are optimistic about Bitcoin’s potential to break through $96,000 and possibly reach $109,000, contingent on continued positive momentum.
The global cryptocurrency market has surged back past the $3 trillion mark, propelled by Bitcoin’s impressive jump above $96,000. This sweet spot comes after Bitcoin saw a 3% increase over the last 24 hours, breaking through critical price resistance and revitalising enthusiasm amongst investors. Following a rough patch, the market is now buzzing with renewed energy, leading to significant gains in other currencies like Ethereum and XRP, which increased by 5% and 3.6% respectively.
Bitcoin’s recovery has been particularly noteworthy since early April. The leading cryptocurrency shot up over 29% from a low of $74,363 to the recent pull above $96,000. Some analysts attribute this resurgence to easing macroeconomic tensions, particularly the thawing relations over tariffs between China and the US. There’s a sense that institutional interest in crypto markets is also playing a crucial role in this bullish scenario, with some suggestive noise around NVIDIA possibly buying Bitcoin for stability purposes.
Recently, proposals for Bitcoin spot exchange-traded funds (ETFs) in the US have gained traction again, pushing positive sentiment further. Although a notable outflow of $56.23 million occurred yesterday, this followed a substantial eight-day inflow streak that saw $3.9 billion pour into investment products, hinting at strong interest in the crypto space.
However, Bitcoin’s climb to and past the $96,000 threshold hasn’t been an easy ride. There has been considerable selling pressure in this area, causing the cryptocurrency to consolidate around this value for about a week. The last significant high for Bitcoin, before this charge, was around $96,500 back on March 2. On the flip side, data from IntoTheBlock reveals that a significant number of addresses—1.38 million—acquired Bitcoin at an average price of $96,950, making this region a tough nut to crack for bulls.
Some analysts are suggesting that if Bitcoin can surpass the current resistance, the journey to $109,000 might be more straightforward. The rationale behind this optimism is that there are minimal supply zones beyond $96,000, which could enable Bitcoin to gain momentum rapidly and even accelerate its price trajectory.
As it stands, Bitcoin is trading at $96,920, giving it a market cap of approximately $1.92 trillion. Investors are certainly keeping a keen eye on these developments, as any signs of momentum reversal could have major implications for the market in the days ahead.
Disclaimer: This information is strictly for informational purposes and should not be seen as financial advice. The views reflected here are subjective and do not necessarily represent the stance of The Crypto Basic. Readers should do their own research thoroughly before making investment choices, as The Crypto Basic is not liable for any financial losses incurred.
