- Bitcoin holds steady near $94,700 amid mixed technical signals and moderate trading volumes.
- BlackRock’s $1B ETF inflow fuels optimism, pushing BTC closer to the $2 trillion market cap threshold.
- Weakened U.S. labor data hints at dovish Fed action, potentially boosting BTC further.
Bitcoin (BTC) is trading at $94,716.98 and is down slightly by 0.17% in the past 24 hours, with trading volumes falling by 14.70% to $26.88 billion. Weekly gains remain at 1.78%, though, which indicates that there is a general upward undercurrent in spite of the current indecision.
The most recent hourly candle closed at $94,585.48, below both the 25-period SMA ($94,797.15) and 50-period SMA ($94,588.09), which shows near-term indecision. The Relative Strength Index (RSI) of 47.59 is in neutral territory and indicates indecision among traders. In the meantime, the MACD is -25.64 and shows a lack of momentum in either direction and the ADX of 21.77 indicates that the trend is only of modest strength.
Volume has also dropped thin to 519.07 below the 30-day average of 720.46, waiting for further cues. For now, resistance can be seen around $95,630 and support at $92,800.
Bitcoin set to reach $2 trillion market cap
Fueling broader optimism is the landmark $1 billion daily inflow into BlackRock’s iShares Bitcoin Trust (IBIT) on April 29, its largest single-day net intake since the ETF’s January debut. This surge propelled BTC momentarily above $95,400, underlining the increasing institutional appetite for digital assets.
Analysts expect this upsurge to propel Bitcoin towards a market capitalization of $2 trillion with just a 5–6% price appreciation being required to achieve it. Standard Chartered’s Geoff Kendrick reasserted his Q2 2025 target of $120,000 on the basis of macroeconomic weakness and increased institutional participation. In case the liquidity situation turns favorable, BTC can even touch $140,000, Kendrick added.
The ETF boom also reflects a larger trend: Bitcoin is rapidly emerging as a core element of global portfolios, and institutional support is now serving as a main driver of upward momentum.
U.S. economic signals boost Bitcoin outlook
Macroeconomic signals from the U.S. may further bolster Bitcoin’s outlook. The Labor Department reported job openings fell to 7.2 million in March, below forecasts and the lowest level since 2021. Simultaneously, the Conference Board’s consumer confidence index dropped for the fifth straight month, raising expectations of a dovish Federal Reserve response.
Historically, such situations have powered risk-on assets such as Bitcoin. In the event that the Fed turns to expansionary policy, capital may flow more forcefully into crypto markets. This context, with increasing institutional flows, creates the setup for Bitcoin to challenge resistance near $98,500, with technical indicators in the form of a firm RSI of 65.59 that has been supporting the move.
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