After weeks of waiting, once again Bitcoin is now seems to be approaching the mark of $100,000, and according to data from CoinMarketCap, its price grew around 3.10% and is now exchanging hands at $96,993.
The sudden bullishness in prices has been closely followed by market capitalization, which surged 3.07%, reaching $1.92 trillion, and the trading volume has reached $32.38 billion with an addition of 43.18%.
Market watchers argue a potential retest of higher levels, possibly reaching $100,299 if BTC holds above $95,650 support and bullish momentum persists.
This surge in Bitcoin prices is usual, or is something big approaching?
As per the data available on TradingView, over the past 48 hours, a major dominance has been observed in the trading volume of Bitcoin, with its prices breaking the nearest resistance levels, forming higher highs and higher lows, a classic uptrend signal.
With back-to-back bullish signals, it has succeeded in breaking 20, 50, 100, and 200-day exponential moving averages, including other crucial moving averages.
Source: TradingView
Bitcoin has reclaimed the $96,900 zone after bouncing from below $92,000, marking a robust upwards movement of over 5% in a quite short span.
As of now, $96,678 is the 100-day exponential moving average, and $96,237 the 200-day EMAs act as a strong support. As long as price continues to trade above these marks, a further uptrend is expected in Bitcoin trading prices.
In coming sessions, a retest of the $98,000 mark is likely expected to direct Bitcoin towards a psychological resistance at $99,000, and if broken, there is no doubt it might soon climb above $100,000 and further towards the much-awaited mark of $112,000.
If positive catalysts appear, hitting $100k–$105k is a more likely scenario; however, if resistance holds, a drop to $91,000–$93,000 is still possible, yet without a strong outside force, the likelihood of a new all-time high by May 12 appears slim given the contradicting indications.
Key insights of Bitcoin market cap & dominance
As per available data set, the market capitalization of Bitcoin consistently rose from around $1.3 trillion in early April to approximately $2 trillion by the end of the month.
Source: TradingView
In the past 7 days, the market cap of Bitcoin is up by 2.89%, in 30 days the cap grew around 23.81%, and in the year-to-date frame it grew nearly 4.14%.
When writing, Bitcoin is dominating 65.23% of the wider market, and its dominance has surged roughly 1.22% in a week. A growth of 3.01% has been observed in the monthly time frame, and since the beginning of this year, till writing, BTC dominance grew 12.32%.
Source: TradingView
