Bitcoin price continues to consolidate above the $95,000 mark

Bitcoin price continues to consolidate above the $95,000 mark as the broader cryptocurrency market holds firm with a total capitalization exceeding $3.1 trillion on Tuesday.

This comes despite a decrease in aggregate deposits to $591 million due to reported redemptions from competitors Fidelity and Ark Invest.

The massive inflow to Blackrock’s fund marks its second-largest daily inflow since launching in January 2024. Since April 22, IBIT has been accumulating at an average pace of $707 million per day.

According to analysis from Fidelity Digital Assets, Bitcoin remains in the “optimism” zone and is trending toward “undervaluation” despite its recent price appreciation.

The investment firm points to the “Bitcoin Yardstick” metric, which measures BTC’s market capitalization divided by its hashrate. A lower ratio suggests Bitcoin is “cheaper” relative to the security provided by its network.

In Q1 2025, this metric stayed between -1 and 3 standard deviations, cooling from overheated levels seen in Q4 2024. The number of days above 2-standard deviations dropped from 22 to 15, with none exceeding 3 standard deviations.

Fidelity believes Bitcoin is in an “acceleration phase” where rallies to new highs aren’t uncommon, although they caution that a blow-off top remains possible.

On-chain data supports this outlook. The illiquid supply of Bitcoin rose from 61.50% to 63.49%, while liquid supply fell by 4%. This indicates that holders are increasingly committing to long-term positions rather than active trading.

As Bitcoin price stabilizes around $95,000, altcoins are beginning to attract more investor attention. After a week-long consolidation period, large-cap alternative cryptocurrencies broke above key resistance zones on Tuesday.

This stronger upside momentum for altcoins suggests investors are displaying a higher risk appetite in the current market.

Among the top 20 ranked cryptocurrencies, Bitcoin Cash (BCH) led gains with a 6% rally. The ongoing controversy surrounding privacy coin Monero (XMR) appears to be driving market interest toward alternative privacy-focused cryptocurrencies.

The March 2025 Job Openings and Labor Turnover Summary (JOLTS) report showed job openings falling to 7.19 million from February’s 7.57 million, below the forecasted 7.48 million. This cooling labor market signal has generally been linked to rising expectations for potential Federal Reserve rate cuts.