Bitcoin (BTC) Price: Bulls Take Control With Eyes Set On Breaking $100K Barrier
TLDR
Bitcoin price surged from $74,450 to $94,900 in April, with long-term holders seeing a $26 billion wealth increase
The cryptocurrency experienced a “fairly normal” 30% correction between January and early April, consistent with historical market cycles
Bitcoin is nearing the $100,000 psychological barrier, with key resistance at $107,000 and support at $88,750-$91,000
Improved investor sentiment follows White House statements on potentially scaling back planned tariffs on China
Technical analysis shows Bitcoin broke out of a four-month falling wedge pattern with room for further upward movement
Bitcoin’s price has experienced a remarkable recovery in recent weeks, surging from $74,450 to $94,900 during April. This upward movement has brought the cryptocurrency within striking distance of the closely watched $100,000 milestone, a level that many investors have anticipated for years.
The price increase represents a strong recovery following what analysts describe as a “fairly normal” 30% correction between January and early April. Such corrections are consistent with Bitcoin’s historical market cycles, typically occurring after the cryptocurrency touches new all-time highs.
Long-term holders of Bitcoin have been rewarded for their patience during recent market fluctuations. According to data from CryptoQuant, the long-term holder realized market cap increased from $345 billion to $371 billion between April 1 and April 23, marking a $26 billion gain in collective wealth.
Source: CryptoQuant
Market Behavior and Technical Analysis
The recent price action follows Bitcoin’s breakout from a four-month falling wedge pattern earlier this month. This technical pattern often signals a potential reversal from a downtrend to an uptrend. Adding weight to the bullish case, Bitcoin closed above its 200-day moving average in recent trading sessions, though trading volumes have remained relatively low.
The relative strength index (RSI) confirms positive momentum with readings above the 50 threshold. However, the RSI remains below overbought levels, suggesting Bitcoin has room to explore higher price levels before facing resistance due to overextension.
Short-term holders showed different behavior during the recent market movements. Many sold at a loss during the April drawdown, reflecting their tendency to rotate positions under market stress. This behavior continues a trend seen throughout 2024, where short-term holders frequently sold to long-term holders during corrections.
Bitcoin supply in profit market bands signals an optimistic outlook. Currently, 16.7 million BTC in various addresses are in profit. Historical data from 2016, 2020, and 2024 indicates that when Bitcoin consistently holds above this key bullish zone, it frequently sparks major bull runs, driving prices to new highs within months.
Key Support and Resistance Levels
Looking forward, analysts expect Bitcoin may consolidate between $94,900 and $88,750 in the coming days. Technical analysis suggests a possible cooldown period following the recent breakout rally. On shorter timeframes, key support zones lie between $90,500 and $88,750, representing a fair value gap.
Source: TradingView
If Bitcoin breaks below this range, it could invalidate the lower timeframe bullish structure, potentially driving prices toward the next support area between $84,000 and $86,300. This zone served as a consolidation range for a week before Bitcoin’s most recent positive breakout.
For upward movement, investors are watching the psychological $100,000 level as the next major resistance. A breakthrough above this threshold could see Bitcoin target approximately $107,000, near the prominent December and January peaks. This target also aligns with projections based on the depth of the falling wedge pattern that Bitcoin recently broke out from.
Broader market sentiment has improved following statements from the White House suggesting plans to scale back tariffs on China. President Trump indicated that the levy on China will be “substantially” below its current 145% level. This news, combined with reduced rhetoric about firing Federal Reserve Chair Jerome Powell, has boosted confidence across financial markets.
The improved sentiment has benefited risk-on assets, including Bitcoin. Some investors may be turning to the cryptocurrency as an alternative to volatile stocks and a weakening U.S. dollar.
While Bitcoin remains below its record high of $109,000 set in January, it has risen approximately 25% from its 2025 low in early April. The cryptocurrency was recently trading at $93,500, putting it within range of the $100,000 milestone that has long captured the imagination of cryptocurrency enthusiasts.
As Bitcoin approaches this key psychological barrier, market participants will be watching closely for signs of whether the cryptocurrency can sustain its momentum or if profit-taking will lead to a pullback. The coming weeks may prove crucial for determining Bitcoin’s trajectory for the remainder of 2025.
The post Bitcoin (BTC) Price: Bulls Take Control With Eyes Set On Breaking $100K Barrier appeared first on CoinCentral.
Filed under: News - @ April 25, 2025 8:24 am