Bitcoin's Resilience: Buyers Defend $95,000 Amid Inflation Jolt

Bitcoin's recent price action has been marked by a struggle to maintain levels above $95,000, signaling underlying demand amidst shifting economic indicators. Despite a temporary dip to $94,000 following the announcement of higher-than-expected inflation rates, the swift recovery back to above $95,000 indicates a resilient backing by buyers. This suggests that even in the face of economic pressures, the demand for Bitcoin remains robust.

Institutional interest in Bitcoin has been on the rise, with ARK Invest's CEO, Cathie Wood, projecting that its value could soar to $1.5 million by 2030. Wood's optimism reflects a broader trend of increasing institutional investment in digital assets, which she believes could significantly elevate Bitcoin's market position. Analysts are now closely monitoring institutional participation as being influential in shaping Bitcoin's future.

As the market adjusts to economic fluctuations, it's crucial to analyze not only Bitcoin but also major altcoins to understand their positioning within the broader cryptocurrency landscape. Bitcoin's recent trading pattern has remained range-bound between $90,000 and $109,588. This indecisiveness presents both risks and opportunities for traders and investors.

Technical indicators show the 20-day exponential moving average at $98,441 suggests short-term bearish momentum. A decisive move below the $94,000 level could see Bitcoin test significant support at $90,000, where buyers are expected to defend aggressively. Conversely, reclaiming the moving averages would favor bullish continuation towards $102,500 and potentially $106,500.

Examining key altcoins provides further insight into market sentiment. Ether (ETH) remains resilient, attempting to form a higher low near $2,500 but faces resistance at $2,850. A decisive break above this level could signal a bullish reversal. Conversely, a drop below $2,500 may trigger further selling pressure, suggesting ongoing negative sentiment in the market.

XRP's trading below the moving averages signifies bear control; however, a tight range is forming between $2.26 and $2.54. A breakdown below $2.26 would reaffirm bearish dominance, while a move above could prompt a rally