Bitcoin Surges Past $96K Hurdle, Eyes $100K Milestone

The cryptocurrency market is displaying significant bullish energy this Friday, with both Bitcoin (BTC) and prominent alternative cryptocurrencies maintaining positions above crucial resistance levels. After a period of consolidation lasting eight days, Bitcoin, the leading digital currency, has finally broken free from its established range. The price has successfully surpassed the key resistance point of $96,000 and is currently trading near the $97,000 mark.  

As of 12:00 AM on Friday, May 2nd, Bitcoin was quoted at approximately $96,872.40, reflecting a 2 percent increase.

Data from CoinMarketCap indicates that Bitcoin’s trading range over the preceding 24 hours spanned from a low of $94,832.95 to a high of $97,437.96. The most widely recognized cryptocurrency, which also boasts the largest market capitalization, recorded a 24-hour trading volume of $31.97 billion. Bitcoin’s total market capitalization now stands at $1.92 trillion.

According to Piyush Walke, a derivatives research analyst at Delta Exchange, Bitcoin may encounter resistance at the significant psychological level of $100,000, followed by another potential barrier around $107,000. A successful break above these levels could signal a continuation of the current bullish momentum.  

Optimism Fueled by Institutional Interest

The rapid growth of BlackRock’s Bitcoin ETF, which accumulated $40 billion in assets within just 211 days, underscores the increasing mainstream acceptance of BTC as a legitimate asset class. Walke suggests that “Bitcoin ETFs are projected to attract record inflows by 2025, potentially doubling current figures. This growing institutional interest could be a significant catalyst for further price appreciation in Bitcoin.”

Adding to the optimistic outlook, Edul Patel, co-founder and CEO of Mudrex, points to the rising probability of a US Federal Reserve interest rate cut at the June FOMC meeting, which has increased from 57 percent to 60 percent amid a contracting economy. Patel believes this development has further bolstered investor confidence.

“Investors will be closely monitoring the jobs report due later today, as it could influence short-term market sentiment,” Patel noted. He identified the next resistance level for the leading cryptocurrency at $99,300, with a support level established at $94,500.

Ethereum Stays Above $1,800 Amid Bullish Trend

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is exhibiting a similar positive trend, maintaining its price above the crucial $1,800 threshold. While analysts observe that the Relative Strength Index (RSI) indicates strong upward momentum, they also advise caution due to the relatively low trading volume. A sustained increase in volume would provide stronger confirmation of the uptrend’s strength. At the time of reporting, Ethereum was trading at approximately $1,834.74, marking a 1.42 percent decrease.  

Among other prominent cryptocurrencies, Solana (SOL) recorded a gain of 0.36 percent, and Ripple (XRP) saw an increase of 0.42 percent. In contrast, Binance Coin (BNB) traded slightly lower by 0.37 percent. Meanwhile, the US dollar-pegged stablecoin Tether was trading at $1, up by 0.04 percent.