Bitcoin Price Surges 2.33%, Eyes $100K Breakout If $95K Support Holds

Bitcoin's price has increased by 2.33%, surpassing $96,600 ahead of the FOMC meeting, with a potential breakout above $100,000 in sight. According to a report from Bitfinex, sustaining above $95,000 is crucial for maintaining bullish momentum.

Key Points

Bitfinex identifies $95,000 as a critical support level, marking a pivotal point for Bitcoin's market structure.
Holding above this mark may indicate a return to bullish territory; failure could trigger a downtrend.
US-China trade negotiations and comments from Jerome Powell at the FOMC are expected to influence Bitcoin's direction.
The US Federal Reserve has initiated a significant bond purchase program, injecting $20 billion daily, with interest rate cuts anticipated at the May 7 FOMC meeting.
Large wallets (10-10,000 BTC) accumulated an additional 81,338 BTC over six weeks, reflecting growing institutional interest.
BlackRock's IBIT ETF has attracted nearly $5 billion in inflows over the past 16 days.
Smaller wallets (<0.1 BTC) reduced their holdings by 290 BTC, highlighting contrasting market behaviors.