Bitcoin Struggles for Direction as Bulls Push Toward $100K Milestone

Bitcoin Approaches $100,000 Milestone Amid Market Uncertainty and Trading Tension

  • Bitcoin Price reached seven-week highs above $95,000 with mixed signals from traders about sustained momentum.
  • A battle between large-volume buyers and sellers is creating market tension that could lead to increased volatility.
  • Experts suggest Bitcoin may need a substantial catalyst before breaking through the $100,000 threshold.

Bitcoin has climbed above $95,000, hitting its highest level in seven weeks as traders remain divided over the sustainability of the recent price surge. Data from Cointelegraph Markets Pro and TradingView shows BTC/USD reaching new local highs while maintaining the yearly open of $93,500 as support during intraday trading on April 25.

- Advertisement -

The upward movement triggered liquidations of leveraged short positions as the $100,000 psychological barrier came within reach. According to monitoring resource CoinGlass, Bitcoin has been progressively absorbing upside liquidity across exchange order books, indicating growing buying pressure.

Popular trader Daan Crypto Trades highlighted the significance of current price levels, noting in an X post: "Trading back above the Bull Market Support band as we speak. 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."

Buy-Sell Tug of War Intensifies

Despite the positive price action, several analysts express caution about Bitcoin’s immediate prospects. Trader Skew identified a market standoff between major buyers and sellers, warning: "Price would be a lot lower than it is now without the passive buyer matching this market selling. Eventually one will throw in the towel & volatility will follow through."

Keith Alan, cofounder of trading resource Material Indicators, shared similar concerns, noting declining volume as price increased, alongside repeated wicks below the yearly open. Alan suggested that a move above $95,000 would need "a catalyst with some substance behind it" to be sustainable rather than merely representing a short squeeze.

$100,000 Bitcoin Remains Elusive

- Advertisement -

From a macroeconomic perspective, trading firm QCP Capital suggested Bitcoin may need time to consolidate before reaching six figures. In a bulletin to Telegram subscribers, the firm stated: "Given the pace of the recent rally, we remain tactically cautious. Positioning has become more crowded, which could lead to sharper reactions around key levels. Market participants appear to be watching closely for signs of continuation or exhaustion."

The cautious sentiment reflects broader concerns that Bitcoin’s rapid gains might prove difficult to sustain without a significant market catalyst. While Bitcoin has maintained support at critical levels, the contest between buyers and sellers indicates market participants remain divided about the cryptocurrency’s short-term direction.

This analysis comes as Bitcoin trading continues to show increased outflows from exchanges, reminiscent of patterns observed in 2023, suggesting potential accumulation by larger investors despite retail uncertainty.

- Advertisement -

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest

Congress Debates Stablecoin Bill Amid Rising Bank and Crypto Tensions

U.S. lawmakers are moving forward with the Senate Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with debates set to resume after...

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Scottsdale Residents Lose $6M to Crypto Scams; Police Respond

Scottsdale residents have reported losing over $6 million to cryptocurrency Scams in 2024.Authorities say actual losses could be higher, as not all cases are...

Must Read

Top 9 Most Legit Bitcoin Faucets

Bitcoin faucets are platforms where you can earn Bitcoin free. Some other faucet apps and websites allow users to receive different cryptocurrencies for free....