Current price situation
- Current price: Bitcoin is currently trading around $94,928, with an increase of 0.91% reaching $94,712 in the morning.
- Daily range: Between $93,618 and $95,550.
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Market Influencing Factors
1. **Fundamental factors:
- Increased institutional demand: Financial institutions are seeing an increase in Bitcoin allocation as a hedge against inflation.
- Positive news: Coinbase launches a new investment fund for Bitcoin, and Mastercard announces stablecoin payment processing.
- Technological developments: Improvements in mining efficiency using sustainable energy.
2. Economic indicators:
- Global inflation: Driving investors towards decentralized assets like Bitcoin.
- Monetary policies: Expectations of the impact of the US Federal Reserve meeting on the cryptocurrency market.
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Technical analysis
- Overall trend:
- Bullish in the long term with the price trading above the 50-day moving average ($91,700) and the 200-day moving average ($85,300).
- Short-term conflict: Between bearish expectations ($90,950 level) and bullish ($102,665 target).
- Key indicators:
- RSI (14): At 55.29 (buy signal), but approaching overbought territory (71).
- MACD: Indicates strong bullish momentum.
- Support and resistance:
- Strong support: $90,805, $93,000.
- Major resistance: $96,300, $97,605, and $100,000 (psychological barrier).
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Potential scenarios
1. Bullish scenario:
- Activation conditions: Break above $96,300 with a close above $97,605.
- Targets: $100,000, then $102,665.
2. Bearish scenario:
- Activation conditions: Break above $90,805 or **$88,205.
- Targets: $78,865, or $80,000 in the case of a sharp decline.
3. Sideways scenario:
- Trading between $93,000 and $96,000 with minor corrections.
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Trading tips
- Day traders (Scalping): Take advantage of volatility between $94,000 and $96,000 with tight stop-loss orders.
- Swing traders: Wait for confirmation of a breakout above $96,000 to enter medium-term buy positions.
- Risk management: Avoid trading without stop-loss orders, especially with the RSI being overbought.
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Summary
Today (April 29, 2025), Bitcoin shows an upward trend with warnings of a short correction due to conflicting technical indicators. Fundamental factors such as institutional demand and positive news support the bullish momentum, but overbought conditions may lead to volatility. Traders are advised to monitor levels of $90,805 (support) and $96,300 (resistance) and manage risks carefully.
