Bitcoin (BTC) Price Trades Near $95k, Showing Steady Gains as It Approaches a Potential Breakout Above $100k

Bitcoin is currently trading close to $95,000, showing steady gains as it approaches a potential break above the $100,000 mark. The cryptocurrency has been buoyed by several positive developments in recent days.

The price of Bitcoin rose slightly on Tuesday, remaining close to the $95,000 threshold as it approached a potential break above $100,000. The cryptocurrency was buoyed by several positive developments in recent days, including Strategy’s latest Bitcoin purchase and signals of a more crypto-friendly stance from the Trump administration.

What Happened: The price of BTC moved up by 0.22% over the past 24 hours to $94,335 by early Tuesday. It had earlier touched a high of $95,436, placing the world’s largest cryptocurrency at its strongest point in two months.

Why It’s Important: The price action in Bitcoin was partly driven by Strategy (Nasdaq:MICRO) (formerly MicroStrategy) disclosing an acquisition of 15,355 Bitcoin for $1.42 billion between April 21 and April 27.

This latest acquisition brings Strategy’s total Bitcoin holdings to 553,555 coins, further cementing the company’s position as the largest corporate holder of Bitcoin. Strategy has been funding these purchases through equity and debt issuances.

Shares of Strategy have outperformed Bitcoin itself in 2024, with a 23% gain to compare with a 1% rise in the cryptocurrency. Investors have been crediting Strategy as a vehicle for gaining exposure to Bitcoin.

Another factor supporting Bitcoin was positive regulatory commentary from the Trump administration. U.S. Commerce Secretary Howard Lutnick said in an interview with Real Vision that the government is working on more crypto-friendly regulations.

Specifically, Lutnick said Bitcoin miners could benefit from a recently unveiled investment accelerator by the Commerce Department, which is part of the administration’s efforts to create jobs and boost the economy.

The Commerce secretary, who is also the chairman and CEO of holding company Cantor Fitzgerald, added that he views Bitcoin as a commodity and will be encouraging government agencies to regard the cryptocurrency in the same way as gold.

These comments bode well for a more supportive regulatory environment for cryptocurrencies under the Trump administration. They also come after the president’s earlier plans for a Bitcoin national reserve were met with a lukewarm reception from the White House press secretary.

The White House has also signaled that President Trump may be planning some concessions in his automotive tariffs to help reduce the impact on the U.S. economy. This could further fuel speculation about a broader scaling back of Trump’s tariff agenda, which could benefit risk assets like cryptocurrencies.

Strong ETF Flows: Institutional interest in Bitcoin continues to grow, with spot Bitcoin exchange-traded funds in the U.S. recording their seventh consecutive day of inflows.

According to recent data from FactSet, the 12 spot Bitcoin ETFs in the U.S. saw net inflows of $591.3 million on Monday. Among these ETFs, BlackRock’s IBIT - the largest spot Bitcoin ETF in terms of net assets - reported the highest net inflow with $970.9 million.

The cumulative net inflows across all 12 Bitcoin ETFs now stand at $39.02 billion, placing them at the highest level since February. Last week alone, the spot Bitcoin ETFs recorded a staggering $3 billion in weekly inflows - the highest such value observed since November 2024.

Standard Chartered has issued an optimistic price prediction for Bitcoin, forecasting that the cryptocurrency could rally to around $120,000 by the second quarter of 2025. This projection is based on recent signs of strong market resilience and increasing investor interest in cryptocurrencies.

Technical Analysis: Key support for Bitcoin is seen at $93,220 to $94,244, where a three-wave downward pattern from last Friday’s high was completed. The cryptocurrency appears to be staging a recovery after encountering resistance at $95,450.

Despite recent chop, no clear market top has yet been confirmed. A breakthrough above $95,450 could signal further gains to new highs.

See More: Top 4 Biggest Movers In The Crypto Market Now

On the other hand, the broader cryptocurrency market showed more muted trading. Ether, the second-largest cryptocurrency, slid slightly to trade at $1,793.

Other altcoins also saw limited price changes, with XRP, Cardano, and Solana all falling by 1 to 2%. Meanwhile, the $TRUMP token slid by 6% as traders booked profits following a strong performance last week.

Reports also indicated that some major holders were transferring tokens to centralized exchanges, which could be a signal of upcoming selling pressure.

Bitcoin remains on solid footing thanks to sustained support from institutional investors, positive regulatory developments, and bullish price forecasts from analysts.

As the cryptocurrency approaches the potential milestone of $100,000, traders will be closely watching for any signs of a