Bitcoin
$96,031, the leading cryptocurrency, experienced a renewal in its ascent after a rough decline provoked by tariff announcements from Donald Trump. The market’s focus shifts to the just-under-$100,000 psychological level, last observed in late February. Despite sustained investor confidence, fears of a potential recession could reverse this momentum, hinging on the dynamics of the tax negotiations between Washington and Beijing. Additionally, mixed signals in on-chain indicators could heighten price volatility.
Investor Confidence in Bitcoin and Off-Exchange Money Flows
Over the past two weeks, about $4 billion from institutional and large wallet purchases has bolstered Bitcoin’s strength. With net inflows reaching $3.2 billion into Spot Bitcoin and Ethereum 
$1,827 ETFs in one week, these numbers are a notable gauge of investors’ appetite for risk. BlackRock’s Bitcoin ETF alone saw nearly $1.5 billion in weekly inflows, marking a yearly peak.
Moreover, the daily net outflow of approximately $39.79 million to off-exchange wallets indicates that investors are safeguarding their BTC in private wallets, effectively easing selling pressures. This trend is a strong signal supporting the price recovery.
Bitcoin Analysis
Despite this, data from Glassnode highlights that long-term holders’ profit ratios have approached 350%, suggesting a trigger for profit-taking if the $100,000 threshold is surpassed. Approximately $25 million was liquidated in the past 24 hours, with $14.12 million of that in short positions. This portrays that while the buying side retains control, a formidable resistance zone looms ahead.
Key Technical Levels in the Price Chart
Currently, Bitcoin’s price has managed to hold above the 20-day exponential moving average of $96,892. The Relative Strength Index (RSI) remains in the positive zone, indicating the continuation of the upward momentum. A clear breach of the $99,500 resistance could propel Bitcoin to the $100,000 mark swiftly, with a stronger surge potentially eyeing $103,000. However, bears have established barriers near $98,000, attempting to pull back the price with each advance.
Bitcoin Technical Analysis
In scenarios dominated by sellers, the first refuge for the price will revert to the 20-day average. Failure to maintain this level could shift focus to the 50-day average at $92,800. Breaking below this range might weaken bullish expectations, leading investors to adopt a cautious stance.
In conclusion, Bitcoin retains its upward drive despite macroeconomic uncertainties, though impending profit-taking may complicate surpassing the $100,000 threshold.
