Bitcoin Set for Potential All-Time High Retest If $95,000 Level Holds
Bitcoin closed April with a 14.08% gain, surpassing historical averages and recovering from a 32% drop earlier in the month. The latest Bitfinex Alpha report highlights key market dynamics influencing BTC's potential breakout toward its all-time high of $109,590.
Key Insights
- BTC rebounded from a low of $74,501 to a local high of $97,900.
- The critical resistance level is set at $95,000, marking a pivotal point for future price action.
- Maintaining above $93,340, the short-term holder cost basis, is crucial for sustaining bullish momentum.
- Miner reserves have remained stable, indicating long-term confidence among holders.
- The Puell Multiple metric suggests miners are not likely to sell off their holdings soon.
Current trading price for BTC is $96,923. The next sessions will be vital in determining if this recovery leads to further gains or a potential correction.
