Bitcoin holds steady above $94k; will it break through $96k resistance?

The flagship cryptocurrency Bitcoin (BTC) continues to remain in a consolidation phase. Though it has been holding above $94,000 levels, Bitcoin faces resistance at the $96,000 level acting as a key resistance point.

 

At 10:38 AM on Tuesday, April 29, Bitcoin was quoted trading at around $94,362.99 levels, higher by 0.19 per cent. The world’s most popular cryptocurrency, which also has the largest market capitalisation, has a 24-hour trading volume of $31.77 billion. Bitcoin's market capitalisation stood at $1.87 trillion. Bitcoin has traded in the range of $93,498.21 to $95,598.49 in the last 24 hours, according to data from CoinMarketCap.

 

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The flagship currency has been struggling to breach $96,000 levels. This upper boundary, Piyush Walke – derivatives research analyst, Delta Exchange, said, sits near the top of its recent trading range, suggesting that a breakout could be on the horizon if upward momentum persists. Prices remain elevated, and the market appears to be positioning for another move higher.

 

"The recent close above the 200-day moving average marks a potential shift toward bullish momentum, further supported by the Relative Strength Index (RSI) staying above 50. These technical indicators underscore growing investor confidence in a possible upward breakout," said Walke.

 

Bitcoin, Vikram Subburaj, CEO, Giottus Crypto Platform, said, has shown resilience while tracking above $94,000 even as $380 million in spot ETF outflows had a minimal impact on its price. It enjoys immediate support at $93,000 while the risk of a long squeeze towards $90,000, Subburaj believes, remains a short-term possibility.  "The Fear & Greed Index has climbed to 60 (in greed) indicating that market is beginning to become risk-on, while Bitcoin balance on exchanges has dropped to 2.2 million, indicating that a strong rally is possible early May," said Subburaj.

 

Subburaj believes while the risk of a short-term dip remains, the asset is firmly placed to rally towards $100,000 soon. Walke on the other hand, said, "A decisive move above $100,000 could open the door to new all-time highs." Conversely, failure to hold key support levels could trigger a broader correction."

 

Here's how other cryptocurrencies are faring

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalisation, was quoted trading at around $1,794.87, down merely 0.06 per cent.

 

Among other popular cryptocurrencies, Binance Coin (BNB) with marginal gains of 0.49 per cent, while Solana (SOL) was trading lower by 1.83 per cent, Ripple (XRP), with a loss of 0.13 per cent. Meanwhile, the US dollar-linked stablecoin Tether traded at flat $1.