Analysis of Bitcoin (BTC) Price at $BTC :

Recent Price Performance

On the morning of April 29, the price of Bitcoin broke above $95,000 per coin. As of the time of publication on some platforms on April 29, it was reported at $94,861, with a 24-hour increase of 1.44%, setting a new high for the year. However, on April 28, there was a sharp correction, falling $2,000 to $93,500, with price fluctuations highly synchronized with the decline in U.S. Treasury yields.

Technical Analysis

Bitcoin has returned above the 200-day moving average, a technical signal that typically indicates further price increases. On-chain analyst Ali pointed out that as long as the BTC price can stabilize above $91,400, the next price peak could reach $155,400. This prediction is based on the Pi Cycle Top indicator, which shows a relatively optimistic market sentiment.

Reasons for the Increase

A significant breakthrough in Arizona legislation has been interpreted by the market as a milestone event in the "legalization" process of Bitcoin, potentially bringing billions of dollars in institutional-level capital inflow to Bitcoin. On April 28, crypto data analytics platform IntoTheBlock released a report stating that the positions of short-term Bitcoin traders significantly increased last week, with speculative funds re-entering the market. Cryptocurrency trading platform Matrixport also noted that liquidity in the crypto market has improved significantly recently, with new funds continuously flowing in, driving Bitcoin out of the horizontal consolidation range.

Reasons for the Decrease

The price of Bitcoin fell alongside U.S. Treasury yields, indicating that in the context of increasing uncertainty in the macroeconomic environment, investors are turning to safer assets. Additionally, Bitcoin has repeatedly failed to maintain a price above $95,000, seemingly related to broader macroeconomic concerns, and it has not successfully decoupled from stock market trends, leading investors to question its effectiveness as a safe-haven asset during potential economic downturns.