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Bitcoin (BTC) is trading at approximately $91,949, reflecting a 2.4% decline over the past 24 hours. Despite this dip, BTC maintains a market capitalization of around $1.83 trillion, with a 24-hour trading volume of $37.56 billion.
Bitcoin price action has been characterized by volatility in recent days. After reaching a seven-week high near $94,000, BTC faced resistance and has since pulled back. The $95,000 level remains a significant resistance point, with multiple attempts to breach it proving unsuccessful.
Technical indicators suggest a mixed outlook. The presence of a Golden Cross between the 21-day and 50-day Simple Moving Averages (SMAs) indicates potential bullish momentum. However, a new Trend Precognition signal suggests a possible support test, indicating a potential short-term bearish trend unless BTC experiences a significant pump to $95,000, which would invalidate the signal.
Institutional interest in Bitcoin continues to grow. Sovereign wealth funds have been discreetly accumulating BTC, indicating a bullish sentiment in the market. Additionally, long-term holders have increased their holdings by 635,340 BTC since January, absorbing more than what's been distributed by short-term holders, at a 1.38:1 accumulation ratio.
The Fear & Greed Index currently stands at 72, placing it in the "Greed" zone. This suggests that investors' sentiment is leaning towards optimism, which could support further price appreciation.
Bitcoin's recent rally has been supported by macroeconomic factors, including easing trade tensions and a weakening US dollar. President Trump's indication that tariffs on China may be reduced and his assurance that Fed Chair Jerome Powell will not be fired have helped restore confidence in central bank independence, benefiting risk-on assets like Bitcoin.
Furthermore, the current state of the M2 Money Supply is favorable for Bitcoin, suggesting a bullish trend for May 2025. An increase in M2 supply can lead to inflationary pressures, potentially driving investors towards Bitcoin as a hedge.
Analysts have varying predictions for Bitcoin price trajectory. Some forecasts suggest that BTC could reach $115,698 by April 27, 2025, representing a 23.2% increase over the next week. Others, like Robert Kiyosaki, predict that the Bitcoin price will rise to $180,000–$200,000 before the end of 2025.
However, caution is advised as some analysts warn of a potential double top formation, similar to the pattern observed in 2021. This could lead to a significant pullback if BTC fails to break above key resistance levels.
Bitcoin price remains volatile, influenced by technical factors, institutional interest, and macroeconomic developments. While the current sentiment is bullish, with predictions of significant price increases, investors should remain cautious and monitor key resistance levels and market indicators.
