Bitcoin Surges 10% to $95,000 on US ETF Inflows

Bitcoin (BTC) has experienced a significant surge, gaining over 10% in the past week. This upward momentum has pushed the price to a critical resistance level at $95,000. Despite facing resistance, buyers have shown resilience and have not relinquished much ground to the bears. The sharp rise is supported by substantial buying in US spot Bitcoin exchange-traded funds (ETFs), which saw inflows of $3.06 billion.

Analysts are optimistic about Bitcoin's future, with some predicting an additional 40% gain by the end of the year. According to 21st Capital co-founder Sina, Bitcoin has reclaimed the power-law price, with projections indicating it could reach between $130,000 and $163,000 by the end of 2025. Another analyst, apsk32, has an even more bullish outlook, predicting Bitcoin could surpass $200,000 in the fourth quarter of this year.

Technical indicators suggest that bulls are in control, with the 20-day exponential moving average (EMA) at $88,619 and the relative strength index (RSI) near the overbought zone. A close above $95,000 could propel Bitcoin to $100,000 and potentially to $107,000. However, sellers are expected to defend the zone between $107,000 and $109,588 aggressively. The 20-day EMA is a critical near-term support level, and a break below it could see Bitcoin tumble to the $95,000 to $73,777 range.

On the 4-hour chart, bears are fiercely defending the $95,000 level but are struggling to push the price below the 20-EMA. If the price rebounds off the 20-EMA, it could enhance the prospects of a break above $95,000, potentially surging to $100,000. Conversely, if the price remains below the 20-EMA, it could tumble to the 50-simple moving average, an important level for bulls to defend, as a break below it could pull the price down to $86,000.

Select altcoins are also showing a positive bias amid improving crypto sentiment. Sui (SUI) has faced resistance near $3.90 but has shown resilience with a shallow pullback, indicating that bulls are not in a hurry to sell. If the price stays above the 38.2% Fibonacci retracement level of $3.14, bulls may attempt to push SUI above $3.90, potentially reaching $4.25 and then $5. However, a break below $3.14 could signal a deeper correction toward the 50% retracement level of $2.94.

Avalanche (AVAX) has been range-bound between $23.50 and $15.27. Although buyers have failed to push the price above $23.50, they have not ceded much ground to the bears, increasing the likelihood of a break above $23.50. If this happens, AVAX could complete a double-bottom pattern with a target objective of $31.73. However, a break below the moving averages could see AVAX remain stuck within the range for a few more days.

Official Trump (TRUMP) surged above the $12.45 resistance and held the retest of the breakout level. A rally above $16 is attracting sellers, but a shallow pullback suggests that every minor dip is being purchased. If buyers drive the price above $16, TRUMP could reach $17.69, with further resistance at $19.60 and $22.40. Conversely, a deeper pullback could see the price swing between $11.56 and $16, with selling accelerating if the price breaks below the 20-day EMA ($10.73).

Bittensor (TAO) broke and closed above the downtrend line, suggesting that bears are losing their grip. The up move is facing resistance at $375, but the pullback is expected to find support at the 20-day EMA ($298). A solid bounce off the 20-day EMA could signal a change in sentiment, with bulls attempting to drive TAO above $375, potentially reaching $495. However, a break below the downtrend line could see TAO fall to $222.

In summary, Bitcoin's recent surge and technical indicators suggest a bullish outlook, with potential for further gains. Select altcoins, including SUI, AVAX, TRUMP, and TAO, are also showing positive signs, indicating improving crypto sentiment. However, investors should conduct their own research and be aware of the risks involved in cryptocurrency trading.