Bitcoin price has been consolidating below the $96,000 level over the last seven days, as data from Cointelegraph Markets Pro and TradingView shows.“BTC is slowly compressing and making higher lows under 96K resistance,” said popular Bitcoin analyst AlphaBTC in an April 29 post on X. Related: Bitcoin targets $115K as BTC supply metric nears 'historic euphoria' zoneAs Cointelegraph reported, the $95,000 level is a key resistance that the bulls needed to overcome to secure the recovery.“The more attempts into the $95K, the more likely it will push through,” AlphaBTC asserted, adding that the squeeze will likely take Bitcoin to the sought-after 100,000 level.“I expect a bigger pullback, but probably not until 100K has been taken out.”BTC/USD 30-minute chart.
For example, Bitcoin’s recent recovery from $74,400 to $94,000 was partly fueled by Trump’s comments that tariffs on goods from China "will come down substantially.” While the speech may spark optimism and price spikes, broader market dynamics, including tariffs and global trade tensions, could temper gains, as seen with recent crypto market fluctuations.Over $4.7 billion in BTC leave exchangesApart from possible positive comments from Trump, Bitcoin’s declining supply on exchanges supports the bullish case for a rally toward $100,000.
Source: AlphaBTCWhile making similar observations, fellow analyst Daan Crypto Trades said, “BTC Price is compressing again the past few days after the move back into the previous range.”According to Daan Crypto Trades, a key level to watch on the downside is the 200-day simple moving average (SMA) within the $89,500 and $91,000 range.
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Author / Journalist: Cointelegraph by Nancy Lubale
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