Bitcoin has been struggling to break above the $94k mark over the past 48 hours, despite several bullish indicators pointing to further gains. The market sentiment has been positive, with the short-term holder’s realized price signaling room for growth. Whale activity has been increasing, and retail activity has decreased, indicating a potential upward move in the near future. Inflows to spot exchange-traded funds (ETFs) have also seen a significant rise, with nearly 12k BTC net inflows marking the largest single-day influx since November.
Technical analysis suggests that Bitcoin could experience a brief consolidation period between the $92k-$94k range before making another push higher. The 4-hour chart reflects strong bullishness, with indicators like the CMF and OBV signaling heavy capital inflows and steady demand. The recent surge in trading volume in the Binance Futures market in April also indicates growing market participant interest, which could fuel further gains.
One key factor to watch is the liquidation heatmap, which provides insights into potential price movements based on the buildup of liquidations at specific price levels. In mid-April, Bitcoin experienced a similar consolidation phase around the $85k-$86k range before a significant move higher. If the current consolidation between $92k-$94k continues, liquidations could build up at $96k, potentially leading to a move towards $100k or $103k. Traders should be prepared for further gains in the short term based on the bullish indicators from whale activity, Futures volume, and Spot ETF inflows.
It is important to note that the information presented in this article is not financial or investment advice, but rather the writer’s opinion on the current market conditions for Bitcoin. The overall sentiment remains positive for further gains, supported by the uptick in whale activity, increased trading volume, and inflows to Spot ETFs. As Bitcoin continues to consolidate in the $92k-$94k range, traders can expect potential upside movements in the coming days.
