Today, Bitcoin made a leap, and its price is now around $96,000 after opening the day at approximately $94,000, which means it is up about 3% in a good number. The market is hot, and traders are entering aggressively. The surprise is that this happened after the US GDP figures came out weak, which led everyone to expect a correction, not a rise, but the opposite happened, and Bitcoin responded strongly, which made major analysts comment vigorously.

Forbes stated that Bitcoin is putting pressure on the Federal Reserve with this jump, and investors see the possibility of quantitative easing soon.

Bloomberg noticed that Bitcoin outperformed gold and stocks in April despite economic tensions.

The Economic Times stated that the price is very close to $100,000 and that institutional interest continues to rise strongly.

Reuters, on the sidelines of a major conference in Dubai, pointed out that representatives from BlackRock, Binance, and Goldman Sachs are discussing the future of Bitcoin, and despite the optimism, there is concern about the slow pace of reforms.

Daily frame

Bitcoin is on an upward trend but not quickly, currently standing at a significant resistance around $97,000. If it breaks it, it could soar to $100,000, and then we could see even higher levels, but if it fails, it will drop back a bit.

4-hour frame

The price is trapped between support at $93,000 and resistance at $97,000. This is a critical area; if the price goes above it, it will head towards $100,000, but if it falls below support, there will be a correction towards around $90,000.

Hourly frame

Movements are quick within a small upward channel; the price keeps going up and down but maintains the overall trend. If it continues like this, it could reach $97,000 again and break through.

Network data

Hash rate is nearing 850 EH/s, which means miners are working with great efficiency and confidence.

There is an increase in the number of wallets holding more than one Bitcoin, which means there are people accumulating and not planning to sell right now.

Dorian Batycka from Crypto News said that institutional inflows into Bitcoin ETFs reached $381 million, and people are viewing Bitcoin as an investment asset, not just speculation.

Alex from FxPro said that Bitcoin is entering a power accumulation phase, and any positive news could make it soar.

Derivatives and contracts

Open contracts have increased and are back near $7.9 billion, which means traders are coming back to play aggressively.

Financing on Binance is slightly up at +0.15%, indicating some advantage for bullish traders, but it's still not decisive.

Pat Zhang from WOO X said that the whales are moving, which is evident in the futures contracts' movement, and negative financing is a sign of preparations for a major move.

What is the market saying?

Despite ETF funds starting to withdraw small amounts, the overall situation is reassuring.

Bitcoin bounced back after the poor US GDP figures, indicating it is starting to become independent of negative news impacts, which is a sign of strength.

If you are a long-term investor, Bitcoin has a path to rise to levels between $105,000 and $110,000 in the next quarter, but if you are a day trader, monitor levels around $95,000 as support and $97,000 as resistance.

And if you are completely new, take it one step at a time, diversify your investments, and don't rush. The market has opportunities but you need to play them right.