Bitcoin Crawls Up, Can It Return to the US$100 Thousand Level?
Bitcoin (BTC) shows bullish momentum with a price increase nearing US$95 thousand on Wednesday (04/23) afternoon, and technical patterns support the potential rally of up to 20% towards the long-standing target of US$100,000.
This increase is supported by the return of the resistance level at US$85,000 becoming support and technical indicators such as the Relative Strength Index (RSI) and Awesome Oscillator signaling further upward room.
However, important indicators from the stablecoin side, particularly stagnation in new stablecoin minting, raise concerns. Typically, large-scale stablecoin minting serves as a strong signal for new capital inflows and momentum into the crypto market.
According to records, significant spikes in stablecoin minting often occur in tandem after Bitcoin's momentum has been established, rather than as an initial trigger.
Currently, the stablecoin minting indicator is slowing down, and according to analysts, this signals a more cautious market and could limit Bitcoin's rally strength moving forward. Institutional factors such as inflows into Exchange-Traded Funds (ETFs) and corporations are now more influential on Bitcoin.
If profit-taking occurs and prices drop below US$86 thousand, Bitcoin risks returning to a consolidation phase below US$85 thousand. Investors need to monitor stablecoin indicators and institutional capital flows to anticipate the next price direction.
NEWS BY AKADEMI CRYPTO (AC)
