Bitcoin breaks $96K resistance, sets sights on reclaiming $100K mark

The crypto market is buzzing on Friday and building a strong upward momentum, with Bitcoin (BTC) and major altcoins holding above key resistance levels. The flagship currency Bitcoin, after consolidating for eight days, has finally broken out of its range. The price has surpassed the key resistance level of $96,000 and is now trading near $97,000.

 

At 12 PM on Friday, May 2, Bitcoin was quoted trading at around $96,872.40 levels, higher by 2 per cent.

 

Bitcoin has traded in the range of $94,832.95 to $97,437.96 in the last 24 hours, according to data from CoinMarketCap. The world’s most popular cryptocurrency, which also has the largest market capitalisation, has a 24-hour trading volume of $31.97 billion. Bitcoin's market capitalisation stood at $1.92 trillion.

 

Bitcoin, Piyush Walke – derivatives research analyst, Delta Exchange, said, may encounter resistance at $100,000, a significant psychological level, and again around $107,000. A breakout above these thresholds could indicate further bullish momentum. 

Institutional interest fuels optimism

BlackRock's Bitcoin ETF amassed $40 billion in assets within 211 days, highlighting mainstream acceptance of BTC as a legitimate asset class. "By 2025, Bitcoin ETFs are projected to see record inflows, potentially doubling current levels. This institutional momentum may drive Bitcoin prices even higher," said Walke.

 

Meanwhile, with a contracting economy, the probability of a US Fed rate cut at the June FOMC meeting has risen from 57 per cent to 60 per cent, which, Edul Patel, co-founder and CEO of Mudrex, believes, has further fueled investor optimism.

 

"Investors will be eyeing the jobs report due today, which could influence short-term market sentiment," said Patel. The flagship currency's next resistance, Patel said, lies at $99,300, with support standing at $94,500. 

Ethereum holds above $1,800 amid uptrend

That said, Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalisation, is exhibiting a similar trend, with its price holding above the critical $1,800 level. While the Relative Strength Index (RSI), analysts said, signals strong upward movement, the relatively low trading volume warrants caution. A sustained rise in volume would help confirm the strength of this uptrend. Last seen, it was quoted trading at around $1,834.74, down 1.42 per cent.

 

Among other popular cryptocurrencies, Solana (SOL) was trading higher by 0.36 per cent, and Ripple (XRP), with gains of 0.42 per cent. Binance Coin (BNB), on the other hand, was trading lower by 0.37 per cent. Meanwhile, the US dollar-linked stablecoin Tether traded at $1, up 0.04 per cent.