Bitcoin has once again surged, retesting the $94,000 mark in a volatile market as cryptocurrency prices continue to rise. The overall crypto market has now reached a $2.9 trillion valuation, with an intraday trading volume of $499.39 billion. This upward movement follows a week of strong momentum for Bitcoin, fueled by factors such as increased digital asset inflows and lower funding rates.
Bitcoin’s price action has been closely tied to an ongoing increase in on-chain activity, with notable momentum from the Bitcoin Exchange-Traded Fund (ETF), which has seen a four-day streak of inflows. Market participants, driven by rising demand and a growing sense of FOMO (fear of missing out), are now speculating on the possibility of Bitcoin reaching $100,000 within this week.
Bitcoin ETF Sees Significant Inflows
After a period of negative outflows, Bitcoin ETFs have bounced back in a big way. Over the last 24 hours, five Bitcoin ETFs recorded positive inflows, while only one—Bitwise’s “BITB”—saw a negative flow of $15.2 million. Among the leading ETFs, BlackRock’s “IBIT” dominated with a hefty $643.2 million influx on April 23, further strengthening Bitcoin’s bullish sentiment.
Other ETFs also reported positive flows, including Ark’s “ARKB” ($129.5 million), Fidelity’s “FBTC” ($124.4 million), Grayscale’s “BTC” ($29.8 million), and VanEck’s “HODL” ($5.3 million). With the net flow reaching $917 million, this marks the fourth consecutive day of positive inflows, signaling growing investor confidence.
Bitcoin Price Outlook for the Week
Bitcoin’s recent price action has seen it retest the $94,000 level for the first time since March 3. With a market capitalization of $1.85 trillion and a dominance of 63.52%, Bitcoin is showing strong bullish signals. The cryptocurrency recorded a trading volume of $30.77 billion, although it saw a slight decline of 40.87% in volume compared to previous levels.
Technical indicators support a bullish outlook for Bitcoin. The 20-day and 50-day Moving Averages have formed a bullish convergence, while the 200-day Moving Average provides strong support for the price. However, the Stochastic Relative Strength Index (RSI) remains in the overbought range, suggesting a potential for increased volatility as buying and selling pressures fluctuate.
What’s Next for Bitcoin in April?
If Bitcoin maintains its bullish momentum, it could soon face its next resistance level at $95,000. Should the price manage to stay above this threshold, Bitcoin could be poised to hit the coveted $100,000 mark. On the flip side, if the market turns bearish, Bitcoin may test its immediate support level at $91,500. Should this support fail, the cryptocurrency could see a drop toward its lower support level of $87,000 in the short term.
As Bitcoin continues to gain ground, all eyes are on whether it will break the $100,000 barrier this week, keeping the market abuzz with speculation and anticipation.
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