Bitcoin Surges 28% From April Low, Nears $96,000 Resistance
1min read Bitcoin has recently experienced a significant surge, with its price climbing to almost $95,400, just shy of the $96,000 mark. This upward trend marks a notable recovery from its mid-April low near $74,000, driven by strong demand and market consolidation. The cryptocurrency has been steadily gaining momentum, with a 28% increase from its April low, and has shown renewed strength as it continues to trade near the $95,000 mark. Bulls have regained control, pushing the price higher and signaling a potential break above the $96,000 resistance level.
The market is currently at a critical inflection point, with Bitcoin's price hovering just below the $96,000 resistance. If the price surpasses this threshold, it could trigger a significant liquidation event, with a cumulative short liquidation pressure of $1.143 billion on mainstream centralized exchanges. This figure highlights the potential market impact and the sensitivity of the Bitcoin market to price movements around these key levels. Traders and investors should be aware of the potential for significant liquidation events, which could amplify price movements and increase market volatility.
Conversely, if Bitcoin's price falls below $94,000, the cumulative long liquidation pressure on mainstream centralized exchanges would amount to $659 million. This indicates that a drop below this level could trigger a substantial number of long positions to be liquidated, potentially causing market volatility. Understanding these dynamics is crucial for risk management and strategic decision-making in the cryptocurrency market.
The recent surge in Bitcoin's price has been accompanied by a significant increase in active addresses, surpassing 800,000. This new wave of activity suggests a growing interest and participation in the Bitcoin network, further supporting the upward momentum. Additionally, the primary cryptocurrency broke above $90,000 last Tuesday and has continued to climb, reaching $96,000 on Friday, which marked a two-month high.
The market is currently awaiting key US economic data, which could provide further insights into the direction of Bitcoin's price. ETF inflows and rising dominance signal strong demand, and the market is consolidating as traders await these developments. The recent stabilization around the $95,000 mark indicates a period of consolidation, with the price nudging higher to $94,915 as of 08:00 UTC on April 30, signaling a modest 0.59 percent gain over 24 hours. This steady increase suggests that the market is preparing for a potential break above the $96,000 resistance level, with bulls firmly in control after weeks of upward momentum.
