Bitcoin's next big resistance is $95K— What will trigger the breakout?
Bitcoin's price reached $94,700 on April 23, marking its highest level since March 2. Analysts identify the $95,000 zone as the next resistance, with potential pullbacks to the $90,000 area for momentum. Institutional demand for Bitcoin ETFs surged, with net inflows of $936 million and $917 million on April 22 and 23, respectively, indicating growing confidence among traditional finance players. Bitcoin exchange inflows decreased significantly, dropping from 97,940 BTC in February to 45,000 BTC by April 23, suggesting reduced selling pressure and increased HODL sentiment. Negative funding rates in perpetual futures could lead to a short squeeze, potentially driving prices higher. Bitcoin also traded above the 200-day simple moving average, a key support level, with resistance levels at $95,000 and $100,000 to watch for further upward movement.
