Bitcoin spikes to 7-week highs as analyst doubts chances of $100K rebound
The post Bitcoin spikes to 7-week highs as analyst doubts chances of $100K rebound appeared on BitcoinEthereumNews.com.
Key points: Bitcoin is witnessing a tussle between buy and sell volume as BTC/USD hits its highest levels since the start of March. BTC price action is making traders increasingly wary due to the pace of recent gains. $100,000 is likely to remain out of reach for the short term, multiple commentators say. Bitcoin (BTC) headed into key resistance after the April 25 Wall Street open as doubts over the BTC price breakout persisted. BTC/USD 1-hour chart. Source: Cointelegraph/TradingView Bitcoin sellers and buyers battle for control Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting new seven-week highs above $95,000. Having preserved its yearly open at $93,500 as intraday support, Bitcoin went on to liquidate leveraged shorts as $100,000 came closer. The latest data from monitoring resource CoinGlass shows progress in taking upside liquidity across exchange order books. BTC liquidation heatmap. Source: CoinGlass Reacting, popular trader Daan Crypto Trades underscored the importance of the current price range in the context of the Bitcoin bull market. “Trading back above the Bull Market Support band as we speak,” he wrote in an X post, referring to a cluster of moving averages lost as support earlier in 2025. “A weekly close above this level would be a good look for the larger timeframe and I’d expect new highs at some point as long as it holds above.” BTC/USDT 1-week chart. Source: Daan Crypto Trades/X Others were cautious, with fellow trader Skew revealing a tug-of-war between a large-volume buyer and seller. “Price would be a lot lower than it is now without the passive buyer matching this market selling,” he warned alongside an order book print. “Eventually one will throw in the towel & volatility will follow through.” BTC/USDT 1-minute chart with liquidity data. Source: Skew/X Waiting on a $100,000 BTC price “catalyst”…
Filed under: News - @ April 26, 2025 5:23 am