Bitcoin’s Struggle at $95,000 Resistance Suggests Potential for Short-Term Market Shift
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As Bitcoin battles for dominance near the critical $95,000 resistance level, investor sentiment is shifting favorably, driven by increased ETF inflows. The recent surge in Bitcoin ETF purchases, totaling $1.8 billion, highlights a positive trend among institutional investors, indicating growing confidence in the market. Glassnode’s CryptoVizArt noted, “Bitcoin’s ability to maintain above $93,000 is surprising and indicates that profit-taking volume is reaching concerning levels.” This article delves into Bitcoin’s resistance struggle and altcoin outlooks, examining recent market movements and institutional trends. Market Dynamics: Bitcoin’s Fight for $95,000 Bitcoin (BTC) has faced a challenging landscape as it attempts to reclaim and sustain its position above the $95,000 threshold. The recent pullback below this psychological level on May 4 signaled profit booking by some investors. However, significant buying pressure at or above $93,000 demonstrates that bulls are still active in this volatile market. Investor Sentiment Shifts with ETF Inflows Last week marked a pivotal moment for Bitcoin as the US-based Bitcoin exchange-traded funds (ETFs) saw a massive inflow of approximately $1.8 billion, according to data from Farside Investors. This marks a notable increase in institutional interest, as investors have acquired 18,644 Bitcoin during the same period, highlighting a stark contrast to the 3,150 Bitcoin mined. Technical Analysis: Key Resistance and Support Levels Investors should closely monitor the vital support at $93,000 and the resistance at $95,000. If Bitcoin can maintain above the 20-day EMA of approximately $92,204, it may create a path for a rally toward the psychological landmark of $100,000. Conversely, a close below this EMA could signal further selling pressure, pushing prices down to $86,890. Altcoin Markets: A Broader Perspective The altcoin landscape remains similarly nuanced. Ethereum (ETH) has shown resilience, maintaining strength above key moving averages. Buyers are targeting the resistance level of $1,957 with hopes of a rally…
Filed under: News - @ May 5, 2025 10:27 pm