Bitcoin Set For Stronger Week, Eyes $88K On Stable Macro Backdrop: Analyst
Institutional investors poured nearly $1 billion into Bitcoin exchange-traded funds last week, signaling a massive appetite for the asset even as prices fluctuated.
The $88k Resistance Zone
The next major hurdle for the market is a resistance band that sits between $85,000 and $88,000, according to crypto analyst Michaël van de Poppe. Reaching the top end of that range would require a 15% increase from recent prices.
If Bitcoin can break through that ceiling, it may set the stage for a much larger move. Some market experts believe the price could hit $100,000 by May.
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This outlook depends on the world remaining relatively stable. Large geopolitical disruptions could still derail the current upward pressure.
Technical indicators show the rebound from $73,000 was clean and decisive. This level was a crucial area for the market to hold to keep the positive trend alive.
Without any major negative news on the horizon, the path toward $88,000 appears wide open.
Most observers are keeping a close eye on whether the current buying pace can be sustained. If the ETF inflows remain strong, the end of April could be very active for traders.
Featured image from Meta, chart from TradingView
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