Key takeaways:
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Bitcoin gained 10% over the past week, but overhead resistance continues to obstruct a rally to $100,000.
Bitcoin (BTC) displayed strength as the week opened on April 28, up 10% over the last seven days to trade at $95,500.
Data from Cointelegraph Markets Pro and Bitstamp shows that BTC price has been suppressed under $100,000 since early February, as shown in the chart below.
Bitcoin lacks a $100K catalyst
The BTC/USD pair rallied 30% from its $74,400 low reached on April 7 to trade above $95,000, a recovery fueled largely by easing US-China tariff tensions.
Although the rally has been accompanied by $3.06 billion in spot ETF inflows, there are doubts whether that is enough to break Bitcoin out of consolidation.
In its latest bulletin to Telegram channel subscribers, trading firm QCP Capital argued that Bitcoin’s decoupling from equities last week strengthened its narrative as a “hedge against political instability and uncertain monetary policy.”
This helped BTC to comfortably breach the $90,000, QCP Capital explained, adding that it would have also helped propel it higher.
However, BTC pivoted midweek, decoupling from gold and rallying alongside US equities, mainly responding to macroeconomic factors.
“This flip-flopping between safe-haven and risk-asset behaviour suggests that traditional correlation frameworks are becoming less instructive. Instead, market participants are now focused on the durability of BTC’s “up only” trend.”
On April 25, the trading firm said that BTC price could continue its choppy price for a few more days, arguing that it lacked a “catalyst” to propel it toward $100,000.
The investment firm said:
“With macro risks temporarily subdued and trade tensions cooling, BTC is likely to consolidate in a narrow $90K–$94.5K range while awaiting a catalyst for a decisive push toward the elusive $100K mark.”
Meanwhile, crypto analyst Tazman noted that a lack of “sustained demand and fresh capital” stands in the way of Bitcoin’s path to $100,000.
Related: Bitcoin $100K hopes on ice, SBF’s mysterious prison move: Hodler’s Digest, April 20 – 26
BTC buyers and sellers in a tug of war
Bitcoin holds above its yearly open at $93,340, which now serves as daily support.
In an April 24 post on X, popular trader Mags underscored the importance of the current price range, saying that if it holds, it could target $106,000 next.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
