Bitcoin is once again testing critical resistance as it trades just above the $95,000 mark, sparking renewed discussions about a possible run toward the $100,000 level. After last week’s impressive breakout, BTC has maintained upward momentum despite macro uncertainty and recent ETF outflows.
With price action strengthening, technical indicators now suggest that Bitcoin may be gearing up for a new leg higher.
Holding $95K: A Sign of Strength
On April 29, Bitcoin is trading at around $95k, holding its gains after a strong rally from the $79,000 region earlier this month. The price action has carved out a series of higher lows and higher highs, forming a clear bullish structure on the daily chart.
Source: Tradingview
The current consolidation above $94,500 suggests that bulls are preparing for another breakout attempt. The $95,300–$96,000 zone has acted as short-term resistance since the weekend, but increasing volume and declining volatility hint at an imminent move.
Technical Indicators Signal Bullish Continuation
Several indicators support the bullish thesis:
- RSI is hovering around 62, suggesting room for upside before entering overbought territory.
- MACD has recently crossed into positive territory, signaling increasing bullish momentum.
- Volume remains steady, with no significant distribution near the highs — a positive sign for continuation.
The next major resistance lies around $98,500, with psychological pressure expected at $100,000. A clean break above that level could open the door to price discovery and test projections in the $110K–$120K range made by analysts earlier this year.
Market Context: What’s Fueling the Push?
Interestingly, this rally comes despite nearly $800M in net Bitcoin ETF outflows earlier in April. As reported by ETF.com, institutional players like BlackRock’s IBIT saw brief pullbacks. Yet Bitcoin’s resilience suggests retail and long-term holders are stepping in.
On-chain data backs this up: exchange reserves have declined significantly in the past week, pointing to continued accumulation. According to CryptoQuant, over 17,000 BTC have been withdrawn from exchanges since April 22, likely headed to cold storage.
Meanwhile, Standard Chartered recently reiterated its year-end BTC price prediction of $150,000 — lending further credibility to the current bullish narrative.
Final Thoughts – Is $100K the Next Target?
Bitcoin is showing strong momentum heading into May. With whales accumulating, technicals flashing bullish signals, and exchange supply tightening, the conditions are aligning for a potential push toward $100K.
Still, short-term volatility remains a risk. Investors should watch the $96K–$98.5K area closely for rejection or breakout confirmation. If that zone is cleared with volume, the $100,000 mark could be hit faster than expected.
