Source: CryptoSlate
Market Momentum Builds
As Bitcoin (BTC) and prime altcoins blast through major resistance levels, there is a newfound enthusiasm for the cryptocurrency market. After eight days in consolidation, Bitcoin breached the critical $96,000 mark after which it traded near $97,000, thus leaving its range-bound pattern behind.
Bitcoin by May 2, 2023, at 12 AM, was quoted to be at $96,872.40—up 2 percent over the last 24 hours. CoinMarketCap data shows that during the period, BTC traded down to $94,832.95, while also hitting the $97,437.96 high. In the past 24 hours, the trading volume was at $31.97 billion and its total market capitalisation is $1.92 trillion.
Key Resistance Levels Ahead
Bitcoin, Piyush Walke – derivatives research analyst, Delta Exchange, said, may encounter resistance at $100,000, a significant psychological level, and again around $107,000. A breakout above these thresholds could indicate further bullish momentum.
Institutional Interest Sparks Optimism
Institutional interest is among the major elements driving this rally. BlackRock’s Bitcoin ETF has already amassed $40 billion in assets just within 211 days, underscoring growing BTC legitimacy in traditional finance.. “By 2025, Bitcoin ETFs are projected to see record inflows, potentially doubling current levels. This institutional momentum may drive Bitcoin prices even higher,” Walke added
Macroeconomic Tailwinds Support Crypto
On the macroeconomic front, the expectations of the U.S. Federal Reserve rate cut at the June FOMC meeting moved up to 60%, from 57%, with signs of an economic slowdown. Edul Patel, co-founder and CEO of Mudrex, noted
“Investors will be eyeing the jobs report due today, which could influence short-term market sentiment,” said Patel. The flagship currency’s next resistance, Patel said, lies at $99,300, with support standing at $94,500.
Ethereum Sustains Above $1,800 Even on Uptrend
As the second-highest cryptocurrency in terms of market capitalization, Ethereum (ETH) holds strong and maintains above $1800. This might be read with the increment within the Relative Strength Index (RSI), indicating a bullish momentum; however, analysts stay skeptical given the low trading volumes. Sustained increase in volume becomes a critical requirement to support the confirmation of the uptrend. Last checked, ETH traded down 1.42% around $1,834.74.
Altcoins Show Mixed Performance
Other major cryptocurrencies displayed mixed trends:
- Solana (SOL): Up 0.36%
- Ripple (XRP): Up 0.42%
- Binance Coin (BNB): Down 0.37%
- Tether (USDT): Flat at $1, up slightly by 0.04%
Outlook
The market excitement surrounding Bitcoin has received another much-needed boost after its recent breakout above $96,000, and the threshold of $100,000 is looking eminently achievable. With institutional inflows and macroeconomic waters calm and with reasonable market sentiment, BTC could well be set for another huge leg up as long as it can clear the important resistance levels that now lie ahead.
