Bitcoin tests resistance at $96k and maintains over $93,500
With the flagship cryptocurrency Bitcoin (BTC) remaining stable at $93,500, the cryptocurrency sector is still exhibiting remarkable resiliency. On Monday, April 28, at 10:51 AM, Bitcoin was valued at around $94,197.98, up 0.12%.
In the past day, Bitcoin has fluctuated between $92,860.81 and $94,525.04, based on data from CoinMarketCap. The most well-known cryptocurrency in the world, with the highest market capitalization, trades $18.72 billion every day. The market value of Bitcoin was $1.87 trillion.
Bitcoin is maintaining steady, according to Edul Patel, co-founder and CEO of Mudrex, with several signs suggesting a robust positive trend. Major exchanges reported outflows of 36,500 BTC, which is usually an indication of increased investor confidence in Bitcoin’s long-term worth, in addition to strong inflows of over $3 billion into Bitcoin ETFs.
Glassnode data shows a dramatic increase in whale accumulations, with wallets holding more than 10,000 BTC rising from 124,000 to 137,600 in the last month, corroborating this perspective. Bitcoin’s rising momentum is strengthened by this consistent accumulation,” Patel stated.
According to Patel, support for Bitcoin is still at $90,500, while immediate resistance is at $96,000.
Derivatives Research Analyst Piyush Walke of Delta Exchange, meantime, thinks that Bitcoin is holding onto its recent gains and is ready for another upswing, with a possible breakout above the $96,000 barrier imminent. Significantly, short-term Bitcoin holders who had lost money for the previous three months have just begun to sell, which could account for the brief lull in the cryptocurrency’s growth. But demand has effectively absorbed this selling pressure over the last five days,” Walke said.
Walke thinks that the present price structure’s significant Bitcoin tests resistance zone is $96,000, which coincides with the average entrance for holders with three to six month short-term contracts.
The second-largest cryptocurrency in the world by market capitalization, Ethereum (ETH), has also gone through a period of consolidation. When last checked, Ethereum was up 0.32 percent, trading at about $1,799.17.
Tether, the US dollar-linked stablecoin, was up 0.04 percent at $1, while Binance Coin (BNB) was up 2.53 percent.
On CoinMarketCap, the top trending currencies were Bubblemaps (BMT), Casper (CSPR), Ripple (XRP), Pudgy Penguins (PENGU), and Walrus (WAL).
Disclaimer and Risk Warning
coinweck does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. coinweck should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their research before taking any actions related to the company.