Bitcoin Surges 3.6% to $100,000, Institutional Interest Drives Momentum

Bitcoin (BTC) has surged by 3.6% in the last 24 hours, surpassing $100,000 for the first time since February 3. This significant increase has reignited bullish sentiment across the market, drawing renewed attention from institutional investors. The surge in Bitcoin's price has sparked discussions about the next potential highs and the role of traditional finance in driving this momentum.

Institutional interest in Bitcoin has been growing, with various indicators pointing to a shift in market dynamics. Companies like Strategy hold substantial amounts of BTC, and spot ETFs have seen billions in net inflows. This influx of capital from traditional finance is reshaping the Bitcoin ecosystem, challenging long-held market frameworks and theories. According to CryptoQuant CEO Ki Young Ju, the traditional Bitcoin cycle theory is becoming outdated as institutional players and ETF inflows take center stage.

The options market reflects mixed sentiment, while rising futures interest indicates a maturing asset increasingly driven by macro forces and capital flows. Meanwhile, momentum is shifting toward altcoins. Raoul Pal suggests that Bitcoin dominance has peaked, triggering the “Banana Zone”—a phase of parabolic altcoin growth. CoinMarketCap’s Altcoin Season Index has moved out of “Bitcoin Season” territory for the first time in months, now sitting at 41. Institutional participation remains strong, with BlackRock and Fidelity’s ETFs continuing to absorb capital.

Standard Chartered has doubled its bullish outlook, predicting a new BTC all-time high in Q2, fueled by ETF demand, sovereign fund adoption, and Strategy’s plan to raise $84 billion, potentially pushing its Bitcoin holdings to over 6% of the total supply. Between April 13 and April 25, Bitcoin supply on exchanges saw a sharp and consistent decline, falling from 1.49 million to 1.43 million BTC. This 60,000 BTC drop over just 12 days reflects one of the most significant outflows seen in recent weeks, suggesting strong accumulation behavior across the market.

A decreasing supply of Bitcoin on exchanges is generally seen as a bullish signal. It implies that investors are moving their BTC into cold storage or long-term holdings, reducing the amount available for immediate sale. Conversely, an increasing exchange supply can indicate rising sell pressure, as more BTC becomes available for potential liquidation—a bearish sign. Since the sharp drop, the BTC supply on exchanges has stabilized at around 1.43 million. This consolidation suggests that investors are currently holding their positions rather than preparing to sell, which could support continued price strength in the near term.

The Ichimoku Cloud for BTC shows strong bullish momentum. The price is well above the green cloud (Kumo), indicating a clear uptrend. The Tenkan-sen (blue line) and Kijun-sen (red line) slope upward, with the Tenkan-sen positioned above the Kijun-sen—another confirmation of bullish strength. The Leading Span A (top of the green cloud) is above Leading Span B (bottom of the cloud), and the cloud ahead is thick and rising, suggesting strong support levels and continued trend strength. The Lagging Span (green line) is positioned above the cloud, further supporting the bullish outlook. Unless the price closes below the blue Tenkan-sen or the cloud starts to thin or turn red, the bias remains strongly bullish.

Bitcoin’s EMA lines currently signal strong bullish momentum, with the short-term averages positioned above the longer-term ones. If this upward trend holds, Bitcoin price could soon challenge the resistance at $106,296. A successful breakout above that level may trigger a move toward $109,312, potentially opening the door for a historic test of the $110,000 mark for the first time. However, if Bitcoin loses steam, the key level to watch is the support at $99,472. A drop below could shift sentiment and push the price down to the next major support at $94,118.