- Bitcoin is trading near $95,000 in a tight range, with analysts watching for a potential breakout above the $96,000 resistance level.
- Favorable macroeconomic data and strong ETF inflows, including BlackRock’s $970 million purchase, are supporting bullish sentiment.
Bitcoin Holds Steady Around $95K: Range-Bound Yet Resilient
Bitcoin (BTC) continues to trade within a tight range, hovering near the $95,000 mark. Despite briefly touching $95,598, the cryptocurrency has yet to decisively breach the key $96,000 resistance level.As of 11:04 AM on Wednesday, BTC traded at $95,071.11, rising 0.75% in the past 24 hours.The market capitalization of Bitcoin remains unmatched at $1.88 trillion, with daily trading volumes hitting $26.27 billion.
In the last 24 hours, BTC has fluctuated between $93,498 and $95,598, reflecting a phase of consolidation. Market watchers are now eyeing a potential breakout that could set the stage for a run toward the $100,000 psychological mark.
Analysts Eye Breakout Potential as Market Awaits Clarity
According to Piyush Walke, derivatives research analyst at Delta Exchange, Bitcoin is poised at the upper boundary of its recent trading range. “A breakout above $96,000 may be imminent if bullish momentum persists,” he noted, adding that the market appears primed for another leg up.
The broader sentiment in the crypto market echoes this cautious optimism, as Ethereum and other major altcoins also enter consolidation phases, signaling a collective wait-and-see mood among investors.
Macroeconomic Signals and ETF Inflows Fuel Bullish Sentiment
Adding to the bullish case, macroeconomic indicators in the U.S. point toward a cooling economy. Consumer confidence has dropped to its lowest since May 2020, and job openings have declined to 7.19 million — data that could spur further economic stimulus and boost risk-on assets like crypto.
Edul Patel, co-founder and CEO of Mudrex, believes the conditions are ripe for a sustained Bitcoin rally. “Strong ETF inflows, especially BlackRock’s recent $970 million BTC acquisition, have helped stabilize price action,” he stated.
Currently, Bitcoin faces resistance at $96,700, with a solid support level rising to $94,000.
With mounting institutional interest, favorable macroeconomic tailwinds, and a tight trading range near all-time highs, BTC appears to be gearing up for its next big move. Whether it breaks through $96K and begins its march toward six figures remains to be seen — but all eyes are now firmly fixed on the charts.
