Bitcoin (BTC) price enters a mild 1% on Wednesday April 30, with institutional inflows on the rise, BTC now eyes the $2 trillion market cap milestone.

Bitcoin (BTC) surged to a local high of $95,400 on Tuesday April 29, as BlackRock's iShares Bitcoin Trust (IBIT) recorded a historic $1 billion in daily net inflows.

Bitcoin price entered a mild recovery on Wednesday, April 30, with institutional inflows into iShares Bitcoin Trust (IBIT) continuing to pour in. As a result, BTC is now eyeing a breakthrough past the $2 trillion market cap.

After hitting a local high of $95,400 on Tuesday, Bitcoin price is showing signs of stabilization. While a decisive close above the $95,000 mark could propel BTC toward the $98,500 level, aiming for the upper Bollinger band.

However, a break below the lower Bollinger band, currently at $79,400, could open doors for a deeper correction.

Many crypto analysts have set a standard Bitcoin price target of $120,000 by Q2 2025, which becomes attainable if liquidity conditions improve, paving the way for a continuation of the bull market.

On Tuesday, the U.S. Labor Department reported that March job openings fell to 7.2 million, well below the expected 7.5 million and marking one of the lowest readings since 2021.

This aligns with the crypto market’s bullish tilt as weaker-than-expected labor data could open the door for a potential Fed rate cut.

Furthermore, the Conference Board’s consumer confidence index dropped for the fifth straight month, to its lowest level since January 2021.

Usually, weak U.S. labor data triggers the Fed to intervene with expansionary monetary policies, which tend to favor risk-on assets like Bitcoin.

This pattern could repeat itself as increased money supply could propel Bitcoin price towards $120,000, as Standard Chartered analyst Geoff Kendrick predicts.

In other news, crypto exchange FTX is planning to resume operations in 2024, focusing on the Japanese market first. FTX Japan filed an application for bankruptcy on Tuesday, aiming to repay creditors over the next three years.