Bitcoin price has continued its bullish run through Tuesday, adding nearly 8% on the weekly chart. This bullish momentum has also helped recovery in the broader crypto market, with investors likely to be gaining confidence in the digital assets space. Amid this, a recent report showed that the BTC price is likely to hit $106K once it clears a key resistance level.

Can Bitcoin Price Hit $106K?

BTC value today was marginally up, but it held the brief $95K support. On the weekly chart, it has added about 8% while recording a surge of 14% in the last 30 days. However, the volatility still persists, as evidenced by its 24-hour price swings between $95,598 and $93,498 levels.

Amid this, a recent report from Matrixport hinted towards a continuing rally ahead. However, it’s worth noting that the report also cited a key condition that Bitcoin might fulfill in order to continue its run to the north.

Can BTC Rally Sustain?

The leading on-chain analytics platform Matrixport has spotlighted $94,293 as the next critical resistance for Bitcoin price. In its latest report, the firm highlighted BTC’s effort to break a longer-term downtrend near $85,712. Since then, the price has climbed steadily but now faces a major test.

Matrixport noted that a clear move above $94,293 could pave the way for a rally toward $106,000. The firm emphasized that this scenario depends on several bullish factors aligning. These include strength in US equities, positive signals from Trump on tariffs, and a rise in stablecoin inflows.

Source: Matrixport, X

Meanwhile, another major factor fueling optimism is renewed ETF activity, the latest being the robust influx from BlackRock Bitcoin ETF. Matrixport stressed that growing US spot BTC ETF inflows are enhancing market structure and momentum. In other words, if BTC can break through this resistance zone, it might continue its rally ahead.

On-Chain Activity Hints At Bitcoin Price Rally To Continue

Amid the already bullish sentiment, the recent on-chain metrics have further bolstered market confidence. A recent data from IntoTheBlock showed that active BTC addresses surged past 800,000 in a day. While still below peak levels, this rebound marks a strong uptick in network engagement, it noted.

Source: IntoTheBlock, X

Analysts often view rising wallet activity as a signal of growing market demand. This increase hints that traders and investors are returning, possibly preparing for a larger move. Besides, Bitcoin and Ethereum have led last week’s digital assets inflow of $3.4 billion, indicating a renewed interest from the global market participants.

Analyst Weighs In

Popular crypto analyst Carl Moon has echoed similar sentiments. He believes the Bitcoin price could shoot up to $104,000 if it witnesses a strong breakout above the $95,000 level.

Source: Carl Moon, X

The expert pointed to a bullish chart pattern that could trigger the next leg higher if the price breaks out decisively. His analysis lines up closely with Matrixport’s outlook, giving more weight to the $94K-$95K range as a crucial pivot point.

The post Bitcoin Price Eyes $106K Rally If It Breaks Through This Level: Report appeared first on CoinGape.

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Filed under: News - @ April 29, 2025 11:23 am