Bitcoin price surged from $74,450 to $94,900 in April, leading to $26 billion in gains for long-term investors. After a 30% correction earlier in the year, key support levels have formed at $88,750-$90,500, with resistance seen at $100,000 and $107,000. The market is showing signs of recovery, with different behaviours emerging between long-term holders and short-term traders, suggesting a potential bullish phase ahead.
Bitcoin’s price chart has seen some significant action recently. The cryptocurrency jumped from $74,450 to a pretty impressive $94,900 in April, netting long-term holders a whopping $26 billion in gains. This price move comes right after a 30% correction, which, if you look at Bitcoin’s history, seems to fit right into the patterns we’ve seen before in 2013, 2017, and 2021. You know, typical behaviour after hitting new all-time highs, right?
What’s interesting here, though, is how different types of investors reacted during this phase. While long-term holders were mostly keeping their coins close to their chests, short-term traders seemed to panic and sold off at losses quite early in April. This shift of Bitcoin from the nervous hands of short-term traders to the more patient long-term holders is something we’ve been seeing throughout the year so far. And honestly, many folks think this is a good sign—it might mean we’re gearing up for another bull run.
On-chain data is showing that about 16.7 million BTC addresses are currently in profit, which analysts call the “threshold of optimism.” Historical cycles from 2016 and 2020 tell us that when Bitcoin stays comfortably above this level, big price surges typically follow within just a few months. So, keep your fingers crossed for that.
Now, let’s talk about the technical side. Bitcoin broke out of a four-month falling wedge pattern in early April, which has definitely put a positive spin on its technical outlook. The cryptocurrency managed to close above its 200-day moving average—not bad at all—even though trading volumes were a bit on the lighter side. The relative strength index, or RSI, is looking bullish too, with numbers above 50 but still below that overbought line. So, potentially more good news ahead.
Market analysts are keeping an eye on several key price levels now. The all-important $100,000 mark is the first major resistance area to watch. If Bitcoin can manage a strong close above this level, we could see it heading towards $107,000—just shy of some previous major highs from earlier this year. But don’t forget, support is lurking around $85,000, close to where it recently broke out. A deeper pullback could even drag prices back to the $76,000 mark.
This recent surge in Bitcoin’s price doesn’t exist in a vacuum, either. It’s coming on the heels of optimistic sentiment across the broader market—especially with news of the White House’s plans to cut tariffs. President Trump mentioned that the levy might be much lower than the current 145%, sparking some positive energy. Plus, his reassurances about the Federal Reserve Chair’s job seem to have eased investor fears a bit.
Though Bitcoin hasn’t quite reached its January peak of $109,000, it has bounced back around 25% from the lows seen earlier this month. Interestingly, some investors are looking to Bitcoin as a safe haven against the volatile stock market and a shaky U.S. dollar. In the short term, analysts think Bitcoin might be heading into a consolidation phase, floating between roughly $94,900 and $88,750. But a drop below that range could turn things sour, sending prices back to the $84,000 to $86,300 support zone.
As of now, Bitcoin is just under the $94,900 level, around $93,500. The $100,000 level is definitely on the radar for many traders in the coming weeks, and it remains to be seen if it can be breached. Keeping a close eye on that psychological barrier could be key for many in the market, so let’s see how it plays out!
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