Let’s dive into the latest Bitcoin price action as BTC faces strong resistance at $95K amid growing institutional interest and market volatility.
Recent days have seen over 36,000 BTC withdrawn from Coinbase and Binance, signaling heightened institutional demand. CryptoQuant data shows $830 million in Bitcoin left Coinbase on April 24, while Binance saw its third-largest outflow ever at 27,750 BTC. Bloomberg’s Eric Balchunas highlighted that spot Bitcoin ETFs attracted $3 billion in inflows this week, further fueling bullish sentiment.
Analysts caution that while large outflows and ETF demand suggest positive momentum, they don’t guarantee a sustained rally-citing past events where similar outflows preceded both recoveries and downturns. Still, the current market dynamics point to robust institutional interest and potential upside for Bitcoin in the coming weeks. With that in mind, let’s dive into the price analysis to figure out what Bitcoin trends are emerging and where the price could go next.
Bitcoin Price Analysis of the Last 24 Hours
Bitcoin commenced trading at $94,770 yesterday. Bitcoin’s initial movement took it to $94,540 in the first hour of trading. However, with rapid action ensuing on the MACD, Bitcoin made a quick comeback, spiking up to $95,160. The correction for this upward spike was immediate as well, going down to $94,760 before returning to $96,100 by 3:00 UTC. A 3:05, a pronounced death cross appeared on the MACD, and a downtrend ensued, pulling BTC to $94,500.
Chart 1: published on TradingView, April 27, 2025
The coin mustered a slow reversal to this downtrend, returning to $94,770. However, the overall bearish trend continued as a stable downtrend formed. Bitcoin dipped to $94,050 by 13:00 UTC. A slight reversal was observed, but turned out to be a fake Bitcoin breakout as Bitcoin slipped below $94K to $93,867 by 14:00 UTC. A strong Bitcoin trend was expected and did occur, but flatlined at the $94,400 mark as Bitcoin fluctuated in a narrow trading range. This range-bound behavior continued till 21:00 UTC.
Investors were hoping for an upward Bitcoin breakout, and it did occur with the 21:15 golden cross. Buying pressure mounted quickly, and a steep uptrend was observed. This uptrend led Bitcoin up to $94,780 before it faced a correction. A period of stabilization followed, and Bitcoin eventually fell to $94,600 by midnight.
Bitcoin Price Action Today
The day, much like yesterday, started with rapid action on the MACD indicator as the EMAs formed consecutive golden crosses and death crosses. Spikes formed, as Bitcoin spiked up to $94,980, followed by a short consolidatory phase. The coin spiked again, going to $95,369. But the psychological $95K resistance called for a reversal, and it arrived immediately, as Bitcoin slumped to $94,100 by 2:00 UTC. Some range-bound fluctuations followed, leading to a downward Bitcoin breakout as the bearish trend finally found a bottom at $93,780. Since then, Bitcoin has been on an uptrend. The latest update saw it trading at $94,180.
Bitcoin Prediction: Can BTC Soar Beyond $95K?
The $95K resistance has served as a psychological resistance in the past as well. If Bitcoin is able to break beyond this level, further gains will be more streamlined as investors would look to push the prices beyond $100,00K. However, with strong fluctuations observed in the last 24 hours, the market looks indecisive for Bitcoin. Even if trends have formed, the RSI has remained near the midline for the most part. Given that, Bitcoin looks poised to test the $93,780 resistance once again. If it holds Bitcoin up, positive trends can follow from that point. However, if BTC breaks the resistance, further downsides may ensue.
About The Author
