Bitcoin Price Analysis: BTC Above $96,000 As Bulls Eye $100,000
Bitcoin (BTC) surged past $96,000 as positive price action gained momentum during the ongoing session. The flagship cryptocurrency was pinned below $95,000 for most of the week as it struggled to overcome selling pressure at higher levels.
BTC is up 2.48% over the past 24 hours and trading around $96,200, as it eyes a move to $97,000 and potentially higher.
Stagflationary Data Putting Pressure On Bitcoin
Bitcoin (BTC) endured a tumultuous Wednesday as markets fell into the red after worse-than-expected US economic data. Wednesday’s decline came after the Bureau of Economic Analysis revealed the economy contracted at an annualized rate of 0.3% during the first quarter, rekindling recession concerns due to President Trump’s tariff policies. Market watchers expected the economy to grow at an annualized rate of 0.3% in the first quarter. However, Wednesday’s numbers represented the first decline in US economic growth since the first quarter of 2022.
The ADP jobs report also rattled markets, revealing that US employers created just 62,000 jobs in April, half of what analysts expected. The Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures, declined in April, although the impact of Trump’s tariffs is yet to appear.
BTC surged last year after the Federal Reserve announced a series of rate cuts, lowering its benchmark rate to a target range of 4.25% to 4.50%. However, it adopted a cautious stance in December, flagging potential shifts in trade and immigration policies under Trump that could impact the Fed’s attempts to restore price stability.
ETFs Highlight Shifting Investor Sentiment
A research report by Standard Chartered Bank revealed an exodus from spot gold ETFs to Bitcoin ETFs, as the flagship cryptocurrency maintains its position around $95,000. Geoffrey Kendrick, head of digital assets research at Standard Chartered, circulated a report forecasting a new all-time high for Bitcoin around $120,000. The report also predicted that BTC could surge to $200,000 by the end of 2025. Kendrick also highlighted the widening gap between gold ETF inflows and Bitcoin ETF inflows.
According to Kendrick, the widening gap between gold and Bitcoin ETFs suggests BTC is preparing for a potential surge, similar to the one that followed last year’s presidential election.
“The last time the gap was this wide was the week of the U.S. election. Bitcoin gains are catching up to gold, and I think bitcoin is a better hedge than gold against strategic asset reallocation out of the U.S.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is trading above the $96,000 mark, up nearly 3% as momentum builds. BTC bulls will look to capitalize on the change in sentiment and push the price above $97,000 and potentially to $100,000. The latest price jump has taken the flagship cryptocurrency past its daily trading range, which extended from $90,000 to $95,000. If BTC can close above $96,000, it would suggest buyers have the upper hand, and prices could continue to push higher. BTC’s market capitalization also registered an uptick, rising over 2% to $1.91 trillion. Meanwhile, futures data indicated the derivatives markets were relatively calm, with open interest registering a drop of 1.35% to $62.5 billion, while total liquidations stood at a marginal $73,960.
BTC was bullish the previous weekend, starting with an increase of 0.61% on Saturday (April 19) and 0.22% on Sunday to reclaim $85,000 and settle at $85,224. The price continued to push higher on Monday, rising almost 3% to cross $87,000 and settle at $87,508. Bullish sentiment intensified on Tuesday as BTC rallied nearly 7%, surging past $90,000 and settling at $93,373. However, the rally lost momentum on Wednesday after encountering 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 on Thursday as sellers attempted to overwhelm support levels. BTC rebounded from this level to reclaim $94,000 and settle at $94,009, ultimately registering a marginal increase. Buyers retained control on Friday as the price rose nearly 1% and settled at $94,776.
Source: TradingView
Price action turned bearish over the weekend as BTC registered a marginal drop on Saturday and fell 0.99% on Sunday to settle at $93,802. BTC started the week positively, rising 1.29% to claim $95,000 and settling at $95,010. However, it lost momentum on Tuesday, dropping 0.70%, slipping below $95,000 and settling at $94,341. BTC faced volatility on Wednesday as buyers and sellers attempted to establish control. Sellers ultimately gained the upper hand as BTC registered a marginal decline and settled at $94,160. The current session sees BTC up nearly 3%, having surged past $95,000 and trading above $96,500. Bulls will look to maintain control and push the price above $97,000. A break above this level could see BTC reach $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.
Investment Disclaimer
