Bitcoin Battles Resistance, Bulls Eyeing $100,000
Bitcoin (BTC) continues to test the crucial $95,000 resistance level, with bulls struggling to maintain a foothold above it. While the bears haven’t completely ceded ground, the lack of significant pullbacks suggests a potential breakout towards $100,000 remains on the table. Further bolstering bullish sentiment is the resurgence of institutional interest, highlighted by $3.06 billion in net inflows into US spot Bitcoin exchange-traded funds (ETFs) last week. However, while these inflows have historically signaled short-term price peaks, they aren’t always a guaranteed indicator, adding nuance to the bullish outlook.
Altcoins Show Early Signs of a Shift
Several altcoins are exhibiting promising early signs of a short-term trend change. Ethereum (ETH) closed above the 50-day Simple Moving Average (SMA) on April 26, demonstrating potential for a move towards $2,111. Similarly, XRP (XRP) turned up from the 20-day Exponential Moving Average (EMA), suggesting bullish momentum. Solana (SOL) also shows resilience, facing resistance in the $148 to $153 zone, but holding its ground. These altcoins are worth watching for potential upside, although further confirmation is needed.
Macroeconomic Factors and Fed Influence
Hedge fund founder Dan Tapiero has highlighted the potential impact of macroeconomic data signaling a rapid slowdown on the Federal Reserve’s monetary policy. He believes the Fed may react by increasing market liquidity, potentially propelling Bitcoin to $180,000 before the summer of 2026. This optimistic outlook, while contingent on several factors, underscores the increasing importance of macro trends for the crypto market.
S&P 500 and US Dollar Index: Key Levels to Watch
The S&P 500 Index (SPX) has rebounded strongly, overcoming the 20-day EMA. It is now poised to challenge the 50-day SMA, potentially pushing towards 5,800. However, resistance is expected at this level, and a break below the 20-day EMA could signal a return to bearish momentum.
The US Dollar Index (DXY), meanwhile, is displaying a tug-of-war between bulls and bears, with the 99 level serving as a crucial point of contention. A break below this level could see the index retesting 97.92, while a push above 100.27 would indicate a shift in favor of the bulls.
Disclaimer
This article is for informational purposes only and does not constitute investment advice. All investments involve risk, and readers should conduct their own research before making any investment decisions.
