Important takeouts:
Bitcoin has won 10% over the past week, but overhead resistance continues to disrupt rallies up to $100,000.
Bitcoin (BTC) showed strength when the week opened on April 28th traded at $95,500, up 10% over the past seven days.
Cointelegraph Markets Pro and Bitstamp data show that BTC prices have been curtailed below $100,000 since early February, as shown in the chart below.
Bitcoin doesn't have a $100,000 catalyst
The BTC/USD pair won 30% from the low range of $74,400 on April 7th, trading above $95,000.
The rally comes with a $3.06 billion spot ETF inflow, but it is questionable whether that would be enough to remove Bitcoin from integration.
From the latest breaking news, Telegram channel subscriber, trading company QCP Capital, claimed that last week's decoupling of Bitcoin from stocks strengthened the narrative as “a hedge against political instability and uncertain monetary policy.”
This will help BTC comfortably compromise $90,000, QCP Capital explained, adding that it will help propel it higher too.
However, BTC pivoted mid-week, detached from gold, addressing primarily macroeconomic factors, and rallied alongside US stocks.
“This flip-flop between safe haven and risk asset behavior suggests that traditional correlation frameworks are not beneficial. Instead, market participants are currently focusing on the durability of BTC's “UP only” trends. ”
On April 25, the trading company said BTC prices could continue to be choppy for several more days, claiming there was a shortage of “catalysts” towards $100,000.
The investment company said:
“With the risk of macros being temporarily suppressed and tension cooling being sold, BTC could potentially integrate in the narrow $90k-94.5k range while waiting for the catalyst for a decisive push to the elusive $100k mark.”
Meanwhile, Crypto analyst Tazman pointed out that the lack of “sustainable demand and fresh capital” is on the path to Bitcoin's $100,000.
Related: Bitcoin $10,000 Hope Ice, SBF Mysterious Prison Move: Hodler's Digest, April 20-26
BTC buyers and sellers are tugs of war
Bitcoin surpasses the annual opening at $93,340 each year, and now serves as daily support.
In a post on April 24th on X, popular trader Mags highlighted the importance of the current price range, saying that if it is held, it could then target $106,000.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
