Bitcoin surpassed $95,000, marking the highest point for the leading cryptocurrency in the last two months. Bitcoin’s latest price surge can be attributed to numerous unidentified factors along with the resumption of bullish trading patterns, which capture the attention of worldwide investors. This surge in price is correlated with economic unpredictability and a growing appetite for safe-haven assets.
A Month of Strength: Bitcoin Reclaims Lost Ground
Based on last week’s data, Bitcoin managed to close one month at $80,000 with an impressive high of $95,444 during the last 24 trading hours. This bitcoin surge is extremely noticeable after BTC settled below $80,000 in early April after plummeting from mid-February’s peaks above $100,000. Thus, the cryptocurrency’s ability to exceed and surpass resistance levels indicates the current prevailing bullish trend.
As of now, Bitcoin is comfortably holding the level of $95,000, trading at $95,104 at 12:00 UTC. The token’s market cap is now at a staggering $1.88 trillion, which indicates the capital returning to this asset class. Although the daily trading volume has dropped by almost 20% to $22.6 billion, the price holding at these levels denotes that investors are not letting go of the token.
Stimulators of the Rally: Economic Instability and Institutional Investors
Bitcoin has been on a rally for the past few days, and BTC has also registered a 15.7% increase in the last month. The rally seems to be supported by the ongoing economic uncertainty. The decline of equities and fiat currencies has resulted in a flight to safety, which is good for both gold and cryptocurrencies. Gold also achieved new all-time highs, reaching $3,390 recently, which shows how the market is shifting.
Sustained strong institutional interest continues to fuel Bitcoin’s upward momentum. According to SoSoValue’s data, U.S. spot Bitcoin ETFs had notable net inflows last week amounting to an astounding $764 million. This inflow of Bitcoin ETFs is a clear sign of continuous institutional demand, which shows mounting regard for Bitcoin as an appealing investment asset by major participants in the financial market.
As a Bullish Indicator: Supply in Profit
From Bitcoin’s supply-in-profit metric, we can gain further understanding of market sentiment. This metric indicates greater than 85% of Bitcoin holders are currently in profit, according to CryptoQuant contributor Darkfost. In comparison to the metric’s previous dip to 75%, this increase of 10% is certainly remarkable and suggests a greater conviction among investors with diminished selling pressure.
The Journey to $100,000: Long-Awaited Breakout
In the existing framework of the crypto world, Bitcoin’s rally has a potential upside. If the cryptocurrency successfully navigates the $98,000 resistance zone, analysts believe there could be a retest of the former all-time high, $100,000. The market remains fragile, however, and failing to overcome this pivotal resistance may invoke reactionary pushing, pushing Bitcoin back into the $85,000–$87,000 range. In the next days and weeks, it will be seen if Bitcoin has the necessary support to achieve this highly sought-after level.
