After falling because of Donald Trump’s tariff plans, who caused an intense market sales, Bitcoin makes a strong comeback. It is now approaching $ 100,000, the highest level since the end of February. But the fear of a recession can delay this momentum, unless the US and China will soon start talking about rates. In addition, the mixed on-chain signals can increase volatility for the $ 100k level.
Bitcoin’s on-chain statistics Create mixed sentiment
How the tariff discussions go can play a major role in the question of whether the economy goes into a recession and where the price of Bitcoin goes. Many experts hope that trading discussions will help calm economic worries in May. However, Bitcoin can continue to rise, even if a recession strikes. About $ 34 million in Bitcoin transactions were closed in the last 24 hours. Buyers finished $ 8.5 million in positions, while sellers had to make $ 25.4 million in betcoin bets.
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Bitcoin comes close to re -testing the $ 100k marking as the confidence of investors grows. In the last two weeks of April, large investors bought about $ 4 billion in Bitcoin. At the same time, spot Bitcoin and Ethereum ETF’s strong inflow saw, with more than $ 3.2 billion that entered the market last week. Blackrock’s Bitcoin ETF alone brought almost $ 1.5 billion, the biggest weekly profit this year.
Moreover, the Bitcoin Netflow is currently negative with $ 39.79 million, which means that more Bitcoin is moved from fairs than in them. This suggests that more investors choose to store their bitcoin in private wallet instead of keeping it on fairs. It is a sign that people hold their coins, which can reduce sales pressure and support the recovery of Bitcoin.
Bitcoin, however, risks a “remarkable increase” of the sales pressure of around $ 100k. Glassnode warns that if the price of Bitcoin rises, long -term holders could sell. Their profit is now almost 350%, a level where they have usually sold in the past. If Bitcoin crosses $ 100k, this can cause a wave of selling these older investors.
What is the next step for BTC price?
Buyers break through FIB levels and they continue to keep the price above EMA trend lines. Bears now defend further increases above $ 98k, because BTC recently received a rejection. From writing, BTC price acts at $ 97,182 and increases more than 0.7%in the last 24 hours.
The rising 20-day advancing average at $ 96,892 and a strong RSI suggests that Bitcoin still has room to move higher. If it breaks more than $ 99,500, the price can quickly jump to the most important level of $ 100,000. Sellers will probably set up a strong fight there, but if buyers succeed, Bitcoin can climb to around $ 103,000.
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On the other hand, sellers can try to drag the price back to the 20-day progressive average, which is an important level of support. If Bitcoin bounces there, the upward trend remains strong. But if it drops below, it can fall further to the 50-day average at $ 92.8k.