On the morning of April 29, the price of Bitcoin successfully broke through the $95,000 mark. According to Coinglass data, the entire cryptocurrency market experienced severe liquidations in the past 24 hours, with over 110,000 people facing liquidations, totaling as high as $275 million.
Bitcoin surges to $95,000
On the morning of April 29, Bitcoin broke through $95,000, with the latest quote at $94,861, experiencing a 24-hour increase of 1.44%.
Most cryptocurrencies in the market are trending upwards, with XRP rising over 2%, while Ethereum, Binance Coin, Dogecoin, and others also achieved varying degrees of increases.
According to Coinglass data, the liquidation scale in the cryptocurrency market over the past 24 hours has been very large, with more than 90,000 people experiencing liquidations, totaling $211 million in liquidations. Among them, the liquidation amount for long positions was $108 million, and for short positions, it was $103 million.
Bitcoin price may be poised to break the $100,000 barrier
According to reports, the Arizona House of Representatives passed two bills allowing the state to include cryptocurrencies like Bitcoin in its strategic reserves, making it the first state in the U.S. to require public funds to invest in Bitcoin. Under this bill, the state treasury and retirement system can invest up to 10% of available funds in digital assets, reflecting the increasing recognition of cryptocurrencies.
Currently, multiple states including Missouri and Texas are also considering establishing similar reserves. At the federal level, the Trump administration signed an executive order in March proposing to establish strategic reserves for digital currencies such as Bitcoin.
Analysis from IntoTheBlock last week indicated a significant increase in the holdings of short-term Bitcoin traders, suggesting a rebound in speculative demand. If capital continues to flow in, this increase could shift from a technical rebound to the beginning of a long-term upward trend.
Matrixport's market report stated that recent liquidity in the crypto market has improved, with new funds flowing in, ending two months of consolidation, showing positive signals. If this trend continues, Bitcoin is expected to break the $100,000 mark.
Geoffrey Kendrick, head of digital assets at Standard Chartered Bank, expects that driven by U.S. investors shifting to non-U.S. assets, Bitcoin could rise to $120,000 in the second quarter of 2025, maintaining a year-end target price of $200,000.
