Bitcoin Traders Target $95,000 Mark Amid Bullish Sentiment
2min read Bitcoin traders are eyeing the $95,000 mark in the near term, with key support levels identified at $90,000. The optimism surrounding Bitcoin's short-term gains is evident as traders point to increased bullish sentiment. According to QCP Capital, the sentiment is becoming increasingly optimistic with Bitcoin holding firmly above $90,000. Call options at $95,000 strikes for end-April and end-May expiries have dominated flow, indicating a tactical appetite for further upside. This buying activity suggests that traders are betting on Bitcoin's price exceeding $95,000 by late April or May, serving as a tradeable signal for retail traders.
Despite the optimism, there is a cautious tone regarding macroeconomic factors. With macro risks temporarily subdued and trade tensions cooling, Bitcoin is likely to consolidate in a narrow $90,000–$94,500 range while awaiting a decisive push toward the elusive $100,000 mark. The market sentiment hinges on macroeconomic factors, and traders remain cautious as they navigate the current economic landscape.
Among other major cryptocurrencies, XRP and BNB Chain’s BNB stayed flat, while Solana’s SOL showed a 2% bump. Dogecoin (DOGE) and Cardano’s ADA zoomed more than 4%, and Shiba Inu (SHIB) added 5%. The broad-based CoinDesk 20, a liquid index tracking the largest tokens by market capitalization, rose 1.2%.
Outside of the major cryptocurrencies, Sui Network’s SUI continued a multiday rally, bringing weekly gains to over 62%. The rally is driven by catalysts such as the ecosystem company xPortal, which is releasing a payment card that runs on the Mastercard network. The total value locked (TVL) on the Sui Network has exceeded $1.6 billion, an increase of over 9% in the past 24 hours. Additionally, the decentralized exchange (DEX) on the Sui Network has seen its 24-hour trading volume reach $599 million, showing a 35% growth compared to the previous week.
The ongoing rally in SUI, along with other altcoins, is contributing to the overall positive outlook for Bitcoin. Traders anticipate further gains in the coming days, with the potential for a significant upward movement towards the $97,000 to $100,000 range by the weekend if Bitcoin can maintain its position above $90,000 overnight. The Federal Reserve's ongoing quantitative tightening (QT) program has been a significant factor in the market's recent volatility. The Fed's balance sheet has shrunk from $9 trillion to $6.8 trillion since the QT began in 2022, and the central bank continues to support a slower drawdown pace to allow for a more extended process. The Fed's approach to monetary policy remains cautious, with a focus on gathering data and determining the right course of action based on economic performance. This approach is likely to continue in the near term, as the Fed seeks to balance the need for price stability with the goal of fostering full employment.
