Bitcoin's Advancement Persists at $98K Barrier Despite Rejection: BTC's Bullish Trend Continues
Update on Bitcoin's Current Status
Bitcoin's trading stands steady, just a smidge below the $96K resistance level. It's been holding tight after its impressive surge in late April without any significant bearish indicators yet.
A Closer Look
The Daily Chart:
On the daily chart, Bitcoin's bullish spirit is still shining bright, staying above the $91K support and both the 100 and 200-day moving averages. Post the $90K-$91K range breach, it's challenge testing the $95K resistance zone, which lines up with the neckline of its previous consolidation.
However, a small concern arises from the 100-day and 200-day moving averages' bearish crossover at around the $90K level. Despite this, as long as Bitcoin keeps cruising above both averages, the medium-term bullish trend remains relatively unscathed.
The 4-Hour Chart:
On the 4-hour chart, Bitcoin's been trapped within an ascending channel pattern. Typically, this suggests a potential slowdown in bullish momentum or even a local top. But for now, it's testing the lower boundary of the pattern around the $94K-$94.5K region, now providing solid support.
If this support lets us down, the next potential demand zone is at $92K. Conversely, regaining $96K could reignite another bull run, aiming for $98K and venturing into the $100K territory.
Onchain Insights:
SOPR (EMA 30):
On-chain indicators suggest the market is backed by wholesome profit-taking dynamics and limited sell-side pressure. The Spent Output Profit Ratio (SOPR) continues to stand comfortably above the 1.0 mark, indicating coins transferred on-chain are mostly in profit. Remarkably, SOPR momentarily rebounded along with the price, hinting even after the rally, holders aren't hastily offloading their coins at a loss.
This displays unwavering commitment in the market and typically bolsters trend continuation as opposed to prompt correction.
Additional Info:
In the short term, predictions suggest Bitcoin might stay within a tight range, possibly fluctuating between $98,200 and $103,200 by mid-May[5]. As per technical analysis, Bitcoin has been consolidating between the support zone of $90,000-$92,000 and resistance levels around $108,000-$109,000[2]. The psychological support at $74,000 has fended off a deeper decline, whereas the resistance level at $100,000 remains a key target[2].
Insitutions and experts predict more optimistic medium-term prospects, with predictions for the end of 2025 ranging from $120,000 to $200,000[2]. Some forecasts are even more aggressive, such as VanEck's estimate of $180,000 by Q4 2025[1], while others like 21st Capital's Sina forecast it could reach between $136,000 and $285,000 this year[1]. Chamath Palihapitiya's prediction stands out as particularly bullish, with Bitcoin reaching $500,000 in 2025[1].
Overall, the outlook for the medium-term demonstrates a positive trend, driven by institutional traction and potential increased adoption. Keep in mind though, the volatile nature of the crypto market means these predictions are subject to change based on future market dynamics.
- The current Bitcoin trading is holding steady around $96K, showing no significant bearish indicators yet.
- On the daily chart, Bitcoin's bullish trend is sustained as it remains above the $91K support and both the 100 and 200-day moving averages.
- Despite a bearish crossover of the 100-day and 200-day moving averages at around $90K, the medium-term bullish trend remains unaffected.
- On the 4-hour chart, Bitcoin is testing the lower boundary of an ascending channel around $94K, which could indicate a potential decrease in bullish momentum.
- Bybit, along with other institutions and experts, has a positive outlook for the medium-term, predicting Bitcoin's price to be between $120,000 and $200,000 by the end of 2025.
- Technical analysis and on-chain indicators suggest Bitcoin could consolidate between $90,000 and $108,000 in the short term and venture into the $100K territory upon regaining $96K.
