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Bitcoin (BTC) has entered a phase of consolidation in recent days, trading within a tight range of $89,500 to $91,000. This period of price stability comes as the cryptocurrency seeks its next significant move, with the psychological barrier of $100,000 looming large in the minds of traders.
According to insights from Daan Crypto Trades, the current pivot point range between $89,500 and $91,000 holds significant bullish implications for Bitcoin in the short term. This zone not only encompasses the prior range low but also aligns with the 200-day moving average (DMA), a key technical indicator often monitored by investors. Sustaining price levels above this range would suggest a period of accumulation before a potential upward breakout. Market participants are keenly observing whether Bitcoin will maintain its position within this range or gather momentum for a further ascent.
$BTC Price is compressing again the past few days after the move back into the previous range.
— Daan Crypto Trades (@DaanCrypto) April 29, 2025
Key level below with the range low and Daily 200MA coming in between $89.5K-$91K.
There's the local high at $99.5K which is also roughly the mid range and the big psychological $100K… pic.twitter.com/BUntF8NU88
Key Resistance at $99,500 Could Trigger Buying Frenzy
Looking at the upside, Bitcoin faces a crucial local high at $99,500. This level is particularly significant as it sits near the midpoint of the prevailing trading range. Successfully breaching this resistance would strongly signal Bitcoin’s intent to challenge the coveted $100,000 mark. Analysts anticipate that surpassing this psychological threshold would ignite a fresh wave of buying activity, further propelling the cryptocurrency’s price.
Currently, market sentiment appears to be in a waiting mode, with investors and traders seeking a clear catalyst to drive the next directional move. Positive economic data releases or robust performance from technology stocks are seen as potential triggers that could inject renewed confidence into the market and potentially push Bitcoin beyond its current trading boundaries.
Economic Data and Network Activity in Focus
The upcoming release of key US economic data and technology company earnings reports is anticipated to introduce volatility into the cryptocurrency market. These macroeconomic factors can directly influence investor sentiment and, consequently, the price of Bitcoin. Therefore, closely monitoring these variables is crucial for understanding Bitcoin’s near-term price action. Favorable economic news or strong corporate earnings could act as the catalyst needed for a significant breakout.
Adding to the intrigue, blockchain analytics platform IntoTheBlock has reported a notable increase in Bitcoin network activity. The number of active BTC addresses surpassed 800,000 recently, indicating a resurgence of interest in the digital asset.
The number of active $BTC addresses is spiking, reaching over 800k yesterday.
— IntoTheBlock (@intotheblock) April 29, 2025
While it is still far from its highs, the rebound signals a clear pickup in on-chain engagement; often a sign of renewed market demand. https://t.co/EAm57QsLxY
While still below the peak levels observed during previous bull runs, this uptick in on-chain engagement suggests growing demand among investors. As Bitcoin navigates this period of consolidation, the market remains poised for a potential breakout, with economic indicators and network activity serving as key factors to watch.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: BlackRock Bitcoin ETF Nears $1B Inflow as BTC Price Rockets Towards $95K
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
