Crypto market update: Bitcoin holds above $93,500, tests resistance at $96k

Top trending cryptocurrencies included Ripple (XRP), Pudgy Penguins (PENGU), Casper (CSPR), Bubblemaps (BMT), and Walrus (WAL)

The crypto market continues to show strong resilience, with the flagship currency Bitcoin (BTC) holding steady around $93,500. At 10:51 AM on Monday, April 28, Bitcoin was quoted trading at around $94,197.98, higher by 0.12 per cent.

 

Bitcoin has traded in the range of $92,860.81 to $94,525.04 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 $18.72 billion. Bitcoin's market capitalization stood at $1.87 trillion.

 

Edul Patel, co-founder and CEO of Mudrex, said Bitcoin is holding steady, with multiple indicators pointing to a strong bullish trend. Beyond robust Bitcoin ETF inflows of over $3 billion, major exchanges recorded outflows of 36,500 BTC, typically a sign of growing investor confidence in Bitcoin’s long-term value.  "Supporting this view, Glassnode data reveals a sharp rise in whale accumulations, with wallets holding over 10,000 BTC increasing from 124,000 to 137,600 over the past month. This steady accumulation strengthens Bitcoin’s upward momentum," said Patel.

 

For now, Bitcoin, Patel said, faces immediate resistance at $96,000, while support remains at $90,500.

 

Meanwhile, Piyush Walke, Derivatives Research Analyst at Delta Exchange, believes that Bitcoin is maintaining its recent gains and appears poised for another upward move, with a potential breakout above the $96,000 mark on the horizon. "Notably, short-term Bitcoin holders who had been in loss for the past three months have recently started selling, which may explain the temporary slowdown in Bitcoin's momentum. However, over the past five days, demand has successfully absorbed this selling pressure," said Walke.  With $96,000 aligning as the average entry for 3–6 month short-term holders, Walke believes it stands out as a critical resistance zone in the current price structure.

 

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalisation, has also entered a consolidation phase. Last seen, Ethereum was quoted trading at around $1,799.17, up 0.32 per cent.

 

Binance Coin (BNB) was up 2.53 per cent, while Tether, the US dollar-linked stablecoin, traded at $1, up 0.04 per cent.

  Meanwhile, Ripple (XRP), Pudgy Penguins (PENGU), Casper (CSPR), Bubblemaps (BMT), and Walrus (WAL) were among the top trending coins on CoinMarketCap.​