Bitcoin trades range-bound: What's next for the flagship cryptocurrency?

Bitcoin (BTC) continues to remain range-bound and hovers near the $95,000 mark. Though it has scaled past the $95,400 levels, Bitcoin has not yet breached its major resistance at the $96,000 levels.

 

At 11:04 AM on Wednesday, April , the flagship currency was quoted trading at around $95,071.11 levels, higher by 0.75 per cent. The world’s most popular cryptocurrency has a 24-hour trading volume of $26.27 billion. Bitcoin's market capitalisation stood at $1.88 trillion, the highest among the cryptocurrencies.

 

Bitcoin has traded in the range of $93,498.21 to $95,598.49 in the last 24 hours, according to data from CoinMarketCap. 

Analysts see breakout potential amid market consolidation

Bitcoin, Piyush Walke – derivatives research analyst, Delta Exchange, said, is currently in a consolidation phase, with potential for significant price movement. "The upper boundary is positioned close to the peak of its recent trading range, indicating that a breakout above $96,000 may be imminent if the upward momentum continues. Prices remain elevated, and the market appears to be positioning for another move higher," said Walke. 

 

Meanwhile, Edul Patel, co-founder and CEO of Mudrex, remains optimistic on the flagship currency and said that the macroeconomic data collected so far creates a favourable environment for Bitcoin’s rally. 

Macroeconomic signals, ETF inflows support crypto sentiment

The US consumer confidence dropped to 86.0, hitting its lowest since May 2020, while US job openings dropped to 7.19 million, both pointing towards a cooling economy. "This raises the probability of an economic stimulus, typically encouraging investment in risk-on assets like crypto. "Meanwhile, Bitcoin spot ETFs continue to see strong inflows, with BlackRock purchasing $970 million in BTC, helping stabilise the price," said Patel.

 

Bitcoin, Patel said, now faces resistance at $96,700, with support rising to $94,000. 

Ethereum, other Altcoins follow a similar pattern

Meanwhile, Ethereum (ETH) has also entered a consolidation pattern, currently trading near the $1,800 mark, reflecting a similar wait-and-see sentiment across the broader crypto market. The world’s second-largest cryptocurrency by market capitalisation, was quoted trading at around $1,804.76, up merely 0.46 per cent.

 

Among other popular cryptocurrencies, Solana (SOL) was trading higher by 0.48 per cent, while Binance Coin (BNB) traded with a loss of 0.79 per cent, and Ripple (XRP), with a loss of 0.77 per cent. Meanwhile, the US dollar-linked stablecoin Tether traded at a flat $1.

 

Meanwhile, Alpaca Finance (ALPACA), LooksRare (LOOKS), Pundi X (PUNDIX), Cookie DAO (COOKIE), and Drift (DRIFT) were among the top trading cryptocurrencies on Wednesday.