On April 30, Bitcoin slightly declined by 0.15% and traded at $95,120 after reaching an intraday high of $95,485. Over the past week, it gained 1.64%, and over the past month, it rose by 16.05%.
The market holds a capitalization of $1.88 trillion, while daily trading volume dropped by 13.92% in the past 24 hours, settling at $24.88 billion. The token also faced a liquidation of $40.31 million.
However, a bullish sentiment still prevails in the market, with approximately 82% of traders anticipating short-term gains. The sentiment has remained bullish for the past 30 days. The TradingView Technicals (1-day) also indicate a strong buy signal, with neutral oscillators and strong buy-moving averages.
While shorter-term metrics place the exponential moving average (EMA10) at $92,922, analysts have identified the EMA 50, 100, and 200 at $88,111, $88,517, and $88,517, respectively. Should the bullish movement persist, BTC may approach its first resistance (1-month) at $106,769, followed by the second resistance at $123,256.
BTC Nearing Overbought Levels?
However, if the bearish momentum continues, traders will likely watch the first support level at $53,397, followed by the second level at $36,910. The Relative Strength Index on the daily chart remains at 66, which allows room for further gains, potentially leading to an overbought situation once again.
According to an analysis by Geoff Kendrick of Standard Chartered, BTC could reach $120,000 by the second quarter of 2025, with the potential to surpass the $200,000 mark by the end of this year. Additionally, it was noted that the U.S. Treasury term premium, often correlated with BTC price, is currently at a 12-year high.
Whales have strongly accumulated Bitcoin, and the bitcoin time-of-day analysis suggests that U.S. investors may now be seeking non-U.S. assets, he added.
