- Bitcoin rallied towards $95,100 as experts sought a possible upsurge towards $119,500 shortly.
- Traders accumulated 20,000 BTC ($1.86 billion) in 48 hours, strengthening bullish market momentum.
- Bitcoin may ascend to $119,500 next time, but losing $93,600 may drop its price to $88,615.
Bitcoin price broke above $95,100 on Sunday morning, April 27, after remaining close to $93,000 over the weekend. The renewed buying pressure washed over the cryptocurrencies and turned the momentum of Bitcoin decidedly bullish. The break above this level brought new hope into the market about the extension of the 2025 bull cycle.
Bitcoin is currently ranging within a horizontal channel on the daily chart, a patern offen leading to significant price action. Whales_Crypto_Trading analysts point out that a move above $100,000 would set off a steep rally towards $119,500. Investors are keenly watching Bitcoin’s contracting range as it gains strength for its next big move.
Short-term holder basis reaches $93K
Fresh Santiment data indicates traders accumulated 20,000 BTC worth $1.86 billion within 48 hours. Such significant buying activity underlines solid market confidence and suggests a strong foundation for future price gains. The accumulation wave may prove to be a catalyst that propels BTC’s upward momentum within the next few days.
Technical indicators provide additional assurance of strength. The Short-term Holder (STH) Cost Basis indicates BTC trading at $93,145, a key level. The range of this metric is $71,150 through $131,800 and offers significant benchmarking points. Sustained strength above the STH basis generally indicates consistent bullishness by the most recent actively engaged market players.
Meanwhile, crypto analyst Ali Martinez mentioned that if Bitcoin breaks and firmly holds above the $95,500 level, the next potential target based on the MVRV Pricing Bands could be around $113,800.
Bitcoin Price Forecast: Eyes $119,500
Bitcoin’s daily close above $94,400 has reinforced bullish sentiment, positioning it firmly within the upper Keltner Channel band at $94K. The current Keltner Channel expansion signals growing price momentum, projecting a possible rally toward the $102,500 mark if upward pressure continues to build over the next trading sessions.
Backing the bull thesis, the Parabolic SAR indicator stands at $87,224.78, far below the present price level, affirming continued upward momentum. The TM RSI level of 66.31 continues below the 70 overbought level, indicating that BTC continues to have room for further upside before hitting significant resistance levels. But caution is still justified.
If BTC lose the $93,600 intraday support level, then a pullback towards the Keltner basis line of $88,615 could occur. Investors should monitor these significant levels closely and adjust the management of their exposure accordingly as Bitcoin navigates this crucial price level.
Read More: $131,800 in Sight: Bitcoin’s Critical Retest Could Trigger Historic Rally