Bitcoin price rises above $95,000 as multiple factors driving the price up lead to a surge in spot trading volume.
Key points:
Bitcoin price rises above $95,000, increasing the chances of a bullish move to $100,000.
Institutional investor demand has returned, suggesting that the bearish trend may have ended.
Selected altcoins may break through their respective overhead resistance if Bitcoin remains strong.
Bitcoin Bulls are trying to maintain the price above $95,000, but they may face significant resistance from the Bears. Will the buyers succeed in pushing the price to the psychologically important level of $100,000 or is a pullback imminent? That is the big question on traders' minds.
A positive sign is that inflows into U.S. spot Bitcoin funds have increased since April 21, according to data from Farside Investors. Coinbase Institutional's strategy director, John D'Agostino, stated in a recent interview with CNBC that some institutions have purchased Bitcoin in April as a hedge against monetary inflation and macroeconomic instability because Bitcoin reflects "the characteristics of gold.
However, some analysts are skeptical about the sustainability of the current Bitcoin rally. One concerning sign is that sentiment, measured by the cryptocurrency fear and greed index, has dropped from 72 out of 100 on April 23 to 60 on April 25, despite Bitcoin trading near $95,000. Some analysts predict Bitcoin will drop to $87,000.
Can Bitcoin maintain above $95,000, triggering buying in altcoins? Let's analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Bitcoin has traded at nearly $95,000, indicating that buyers are firmly holding their position as they anticipate higher prices.
The 20-day exponential moving average ($87,437) is sloping upward, and the relative strength index (RSI) is near the overbought zone, signaling that buyers are in control. A close above $95,000 could push the BTC/USDT pair to $100,000.
Sellers will try to prevent the uptrend at the $100,000 level, but if buyers do not allow the price to drop below $95,000, the prospect of breaking through the overhead resistance will increase. The pair could then rise to $107,000. Sellers will need to pull the price below the moving average to regain control.
Ether price prediction
of Ether The recovery is facing resistance at the 50-day SMA ($1,812), but a positive sign is that buyers are not allowing the price to drop below the 20-day EMA ($1,696).
The 20-day EMA is flattening, but the RSI has jumped into the positive zone, signaling a slight edge for buyers. If the 50-day SMA is extended, the ETH/USDT pair could reach a breakout level of $2,111. Sellers may pose a major challenge at $2,111, but if buyers can overcome it, this pair could surge to $2,550.
Sellers may have other plans. They will try to pull the price below the 20-day EMA. If they succeed, this pair could drop to $1.537.
XRP price prediction
XRP has traded near the 50-day SMA ($2.18) for the past two days, indicating that sellers are fiercely defending this level.
A small positive point for buyers is that they did not allow the price to slip below the 20-day EMA ($2.13). Buyers will again attempt to push the XRP/USDT pair up to the resistance line, which is an important level to watch. This pair could rise to $3 if buyers break through the resistance line.
On the downside, a breakout and close below the 20-day EMA indicates that the bears are still in control. Downward momentum may increase if it breaks below $2. The pair could then sharply decline to $1.60.
BNB price prediction
BNB fell from $620 but is being supported at the moving averages. This indicates a shift in sentiment from selling on the rise to buying on the dip.
Buyers will attempt to push the price above $620. If they succeed, the BNB/USDT pair could rise to $644. Sellers will try to prevent the uptrend at $644, but if the buyers prevail, this pair could surge to $680.
This bullish outlook will be invalidated in the short term if the price drops and breaks below the moving average. That could cause this pair to drop to $566, suggesting the market has rejected the breakout above the downward trend line.
Solana price prediction
Solana is trying to maintain above $153, indicating that bears are active at higher levels.
The upward 20-day EMA ($136) and the RSI in the positive zone indicate that buyers are in control. If buyers push and maintain the price above $153, the SOL/USDT pair could rise to $180.
The moving average is an important support on the downside. A breakout and close below the 50-day SMA ($129) indicates that this pair could consolidate between $153 and $110 for a few days.
Dogecoin price prediction
Dogecoin bounced from the 20-day EMA ($0.16) on April 24, indicating that buyers are buying in as prices drop.
The DOGE/USDT pair could reach $0.21, which is an important resistance level to watch. If buyers surpass the $0.21 level, this pair will complete a double bottom pattern. This bullish setup has a target of $0.28.
Conversely, if the price drops and breaks below the moving average, this pair may remain within a limited range between $0.21 and $0.14 for some time. The advantage will tilt towards the bears if it breaks below the support level of $0.14.
Cardano price prediction
Cardano closed above the 50-day SMA ($0.68) on April 23, signaling that sellers are gradually losing control.
The 20-day EMA ($0.65) has started to rise, and the RSI is in the positive zone, indicating that the path of least resistance is upward. The ADA/USDT pair could rise to $0.83, where bears may step in.
Any pullback is expected to find support at the 20-day EMA. If the price recovers from the 20-day EMA, this signals bullish sentiment. Sellers will need to pull the price below the 20-day EMA to drive the pair down to $0.58.
Sui price prediction
Accelerating after buyers pushed the price above the moving average on April 22.
The price rally over the past few days has pushed the RSI into the overbought zone, indicating a consolidation or slight correction may occur in the coming days. Any pullback is expected to find support in the range between the 38.2% Fibonacci retracement level at $3.14 and the 50% retracement level at $2.94.
A shallow pullback increases the likelihood of a price rise to $4.25 and then $5. Sellers will regain control if they pull the SUI/USDT pair below $2.86.
Chainlink price prediction
Chainlink has begun to recover and is expected to face strong selling at the overhead resistance of $16.
If the price drops from $16, it is expected that the price will find support at the 20-day EMA ($13.53). A strong rebound from the 20-day EMA increases the likelihood of breaking above $16. The LINK/USDT pair could then climb towards the resistance line of the descending channel pattern. A breakout above the channel signals a potential trend change.
Sellers will need to pull the price below the moving average to regain control. The pair could then decline to $11.89 and ultimately to the support line.
AVAX price prediction
AVAX is facing resistance above $23.50, but a positive sign is that buyers have not ceded much ground to sellers.
The 20-day EMA ($20.22) has started to rise, and the RSI is in the positive zone, indicating that buyers are dominant. If the price breaks and closes above $23.50, the AVAX/USDT pair will complete a double bottom pattern. This could open the door to a bullish rally towards the pattern target of $31.73.
On the other hand, if the price drops and breaks below the moving average, this pair may remain stuck in a range from $23.50 to $15.27 for several days.