Bitcoin (BTC) price forecast today: Bulls eye breakout above $96K as RSI overheats, KC bands widen

Bitcoin price showed cautious optimism on Thursday, May 1 as BTC price failed to breakout above $96,000 for a third day.

Bitcoin stalls at $95,500 as resistance holds for third day

Bitcoin (BTC) faced persistent resistance at the $96,000 mark on Wednesday, stalling its short-term rally and confirming a sell-wall at $95,500 for the third straight session. The asset continues to hover near its all-time highs but struggled to post a decisive breakout this week.

Market participants have been keeping an eye on a sustained move above $96,000 as a potential trigger for renewed bullish momentum, but the lack of volume and macroeconomic caution have weighed down BTC price action.

As of Wednesday’s close, BTC had posted a modest 0.4% gain over 24 hours and was up 0.7% over the week, according to CoinGecko. The global cryptocurrency market cap clocked in at $3.04 trillion, showing a 2.8% daily increase, with the majority of the gains being driven by Bitcoin and Ethereum.

BTC dominance stands near 62%, as altcoins lag after the US SEC delayed verdicts on ETF filings till June.

BlackRock moves to tokenize $150B Treasury Fund via blockchain infrastructure

In other news, BlackRock has filed with the U.S. Securities and Exchange Commission (SEC) to create a blockchain-enabled digital share class for its $150 billion Institutional U.S. Treasury Money Market Fund. The new share class, named DLT Shares, aims to integrate blockchain technology for recordkeeping and real-time ownership tracking on a distributed ledger.

According to the filing, the fund will not be used for managing portfolios or holding cryptocurrencies. Instead, DLT Shares will be structured to mirror existing shares while utilizing blockchain to enhance settlement transparency and reduce administrative friction. The offering will be limited to institutional investors, with a minimum investment threshold set at $3 million.

BNY Mellon has been identified as the primary infrastructure partner, responsible for deploying and maintaining the blockchain-based recordkeeping system. This development marks a significant step in the financial industry’s incremental adoption of blockchain—not through digital assets, but through tokenized infrastructure that supports legacy systems.

While the product does not involve crypto exposure, its implications for market sentiment are noteworthy. Institutional adoption of blockchain-enabled infrastructure could legitimize the broader crypto ecosystem, offering tailwinds to assets like Bitcoin through narrative alignment and technological validation.

Looking Ahead: How will Blackrock’s $150B fund impact BTC price

The short-term outlook for Bitcoin remains cautiously optimistic, pending a clean break above the $96,000 resistance. BlackRock’s move to incorporate blockchain in one of its largest funds is likely to be met with interest from both institutional investors and digital asset stakeholders—even in the absence of direct crypto exposure.

If BTC manages to hold support above $94,000 and later breaches the $96,000 mark with significant volume, the $100,000 price target could come into play in the coming weeks. In the absence of major macroeconomic shocks or regulatory setbacks, blockchain adoption by traditional finance giants like BlackRock may provide a subtle yet powerful bullish undertone.