Bitcoin Holds Steady Near $94,000 as Smaller Coins Surge
Bitcoin (BTC) is currently at $94,000 after a recent drop to $92,000, following a bullish breakout earlier this week. Key points include:
- Focus on reaching $100,000 while major altcoins lag behind.
- Smaller coins like STX, SUI, ONDO, and GRT have seen double-digit gains.
- BTC's recent surge has been supported by whale accumulation and significant spot ETF inflows totaling nearly $1.5 billion in three days.
- The Federal Reserve has eased restrictions for state member banks engaging in crypto activities.
- Market analysts expect consolidation between $90,000 and $95,000 before another potential breakout.
Upcoming data releases include the University of Michigan's consumer sentiment report and Canadian retail sales data, both expected to influence market sentiment.
Key Events to Watch
- April 25: SEC Crypto Task Force Roundtable on Crypto Custody.
- April 28: Enjin Relaychain increases validator slots to enhance decentralization.
- April 30: ProShares XRP ETF expected to start trading on NYSE Arca.
Market Movements
- BTC is up 0.23% at $93,701.46.
- ETH is up 0.62% at $1,774.26.
- CoinDesk 20 index is up 0.45% at 2,750.46.
Derivatives Positioning
- SUI, ONDO, UNI, and HBAR show increased growth in perpetual futures open interest.
- BTC and ETH futures open interest remains stable.
- Positive funding rates reflect overall bullish sentiment.
Technical Analysis
- Stacks' native token, STX, indicates bullish momentum after crossing above the Ichimoku cloud.
Overall, the market shows signs of volatility alongside institutional interest and regulatory developments, which may impact future price movements.