Bitcoin Price Analysis: BTC Continues Consolidation Amid Declining Volumes
Bitcoin (BTC) is trading slightly lower than the psychological resistance at around $95,000 as it continues to consolidate after a spectacular recovery that saw the flagship cryptocurrency retake $90,000.
BTC is trading in a narrow range between $90,000 and $95,000, continuing its consolidation phase. The price is marginally down over the past 24 hours, trading around $94,500.
Bitcoin ETF Flow Shifting To Institutions
BlackRock Head Robert Mitchnick believes spot Bitcoin ETFs are witnessing a major flow improvement after a period of relatively sluggish activity. According to Mitchnick, this shift in investor engagement could revive spot Bitcoin ETFs in the market. When these investment products were launched, most of the capital came from retail investors. However, investor profiles have changed over time, with fewer retail investors parking their money in these funds, replaced by institutional investors and wealth advisory clients. Mitchnick stated,
“Bigger, professional investors take longer to decide to invest, so it’s not a quick change; it’s a gradual shift. In simple terms, Bitcoin ETFs are seeing a lot of new investment again, but now it’s more from big organizations and financial advisors rather than individual people.”
Mitchnick was speaking at a panel discussion with Jan van Eck, CEO of VanEck, Giovanni Vicioso, a crypto expert from CME Group, and Bloomberg ETF analyst Eric Balchunas.
Trump’s 100-day Speech Could Signal Policy Shift
Analysts have hinted that President Donald Trump’s 100-day address could be an inflection point for crypto. Bitfinex analysts noted that markets are anticipating a mention of a strategic crypto reserve, deregulatory measures, and rhetoric framing Bitcoin as a crucial part of America’s financial infrastructure. According to analysts a supportive tone could reinforce Bitcoin’s legitimacy among institutions and investors, even if Trump does not lay out concrete policy shifts.
“The upcoming 100-day address from President Trump is gaining outsized attention within the crypto space. Even without hard policy action, a tone that reinforces institutional legitimacy or economic nationalism through crypto could further embed Bitcoin into the macro-political narrative.”
The growing anticipation comes amid the tightening on-chain supply of Bitcoin, with exchange deposits hitting multi-month lows, indicating reduced selling pressure and rising self-custody. However, Bitfinex analysts cautioned this metric alone is not enough for investment decisions.
Bitcoin Hashrate Registers Substantial Increase
Bitcoin’s hashrate registered a significant increase, rising to 913.63 exahashes per second, a 9.91% increase over the past 24 hours. The increase suggests growing confidence and activity among Bitcoin miners. The hashrate is the computing power securing the Bitcoin network, measuring the number of calculations by BTC miners each second to process and secure transactions. An increase in the hashrate suggests that more machines are working to ensure the network’s security and decentralization. A higher hashrate also indicates positive market sentiment, suggesting more miners are participating in the network.
Bitcoin (BTC) Price Analysis
BTC has seen an uptick in selling pressure during the ongoing session, with the price dropping below $94,000 as sellers take the upper hand. Price action is expected to be muted as markets wait for key economic data, including inflation, manufacturing, and employment figures that could impact price action.
“Bitcoin is currently in a consolidation phase, with potential for significant price movement.”
The flagship cryptocurrency has spent most of the week oscillating around $95,000, trading sideways since the middle of last week, losing momentum after rallying past $90,000. Despite selling pressure, BTC has not ceded ground to the bears and has traded between $90,000 and $95,000.
BTC’s price action turned positive last weekend despite registering a decline on Friday (April 18). The price rose 0.61% on Saturday and 0.22% on Sunday to reclaim $85,000 and settle at $85,224. BTC continued to push higher on Monday, increasing nearly 3% to cross $87,000 and settle at $87,508. Bullish sentiment intensified on Tuesday as BTC rallied almost 7%, surging past $90,000 and settling at $93,373. The rally stalled Wednesday as the flagship cryptocurrency faced volatility and selling pressure. Despite this, BTC registered a marginal increase and settled at $93,749. The price fell to an intraday low of $91,693. However, it rebounded from this level to claim $94,000 and settle at $94,009.
Source: TradingView
BTC continued to push higher on Friday, increasing nearly 1% to $94,776. Price action turned bearish over the weekend as BTC registered a marginal decline on Saturday and fell 0.99% to settle at $93,802. BTC started the current week positively, rising 1.29% to cross $95,000 and settle at $95,010. However, it was back in the red on Tuesday, dropping almost 1%, slipping below $95,000 and settling at $94,341. BTC has dipped below $94,000 during the ongoing session as sellers take the upper hand. If BTC can break above $95,000, it could extend its gains and test the resistance around $97,000. A resumption of bullish sentiment could see the price surge to $100,000.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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