As of April 30, 2025, the price of Bitcoin (BTC) has climbed to $94,826, just one step away from the $100,000 mark. Although the rise is slow, market sentiment remains high, investor confidence is solid, and there are no signs of large-scale profit-taking in the short term.
Market confidence is solid, and favorable policies drive the rise
The Arizona Senate passed a bill paving the way for the establishment of a strategic Bitcoin reserve, further strengthening market confidence in Bitcoin.
Additionally, miners’ selling pressure is at its lowest level since May 2024, reducing downward pressure on the market.
On-chain indicators show that the market is approaching a "mania" state
According to CryptoQuant, about 91% of Bitcoin is currently in profit, close to the 90% threshold that is historically considered to be the market's "mania" phase.
Additionally, net flows to exchanges have been consistently negative, indicating that Bitcoin is flowing out of exchanges, likely into the cold wallets of long-term holders, further reducing the circulating supply on the market.
MVRV indicator suggests there is still room for growth
Data from Santiment shows that the 30-day MVRV ratio has reached its highest level since December last year, indicating that there may be a risk of profit-taking in the short term.
However, the 180-day and 365-day MVRV values are still far below the levels of November and December last year, indicating that long-term holders have not yet achieved significant profit levels and the market still has room to rise further.
Technical analysis: key resistance and support levels
Technical analysis shows that Bitcoin has broken out of a four-month descending wedge pattern and moved above the 200-day moving average, while the momentum indicator RSI is also above 50, indicating a strong upward trend.
The current key resistance level is around $100,000. If it can break through this level, it may further rise to $107,000. The support level below is $85,000. If it falls below this level, it may fall back to $76,000.
Conclusion: Bitcoin bull market continues, but beware of short-term corrections
Overall, Bitcoin's upward trend continues, market confidence is solid, policies are continuously favorable, and on-chain indicators also support further increases. However, we need to be wary of the risk of profit-taking in the short term, and investors should pay close attention to market dynamics and do a good job of risk management.
