Bitcoin's price prediction:
In April, the total value of stablecoins grew by 2.2%, reaching $238 billion. This growth was mainly because more people added money into the two biggest stablecoins—USDT (Tether) and USDC. In just one week, USDT's market value went up by $2.5 billion, and USDC’s increased by $1.2 billion. This shows that investors are feeling confident and are putting more funds into these digital coins that are designed to hold a stable value.
USDC’s market cap rose by 3.07% in April, hitting a new high of $62.1 billion. This gave it a 26% share of the stablecoin market, the highest since early 2023. Meanwhile, USDT's value grew by 2.26%, reaching $148 billion. This was its twentieth month in a row of growth. Its market share also slightly increased, and it made up more than 75% of stablecoin trading on major crypto exchanges.
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The rise in stablecoin investments is seen as a positive sign for the broader crypto market. When stablecoins grow in value, it often means more money is ready to be used for buying other cryptocurrencies. This added liquidity tends to support price increases, especially for Bitcoin. According to CryptoQuant, the steady rise in USDT and USDC suggests more upward pressure on Bitcoin prices.
Alongside this, Bitcoin’s price rose above $97,000 last week, showing signs of recovery. Long-term Bitcoin holders have bought about 254,000 BTC at an average price of $95,000, showing strong belief in the asset. Also, short-term holders who kept their coins for over a month are now seeing profits again. This trend could lead to fewer people selling, which may support the beginning of a new upward phase in the crypto market.
BTC chart analysis:
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| BTC chart analysis (MACD) |
Bitcoin is currently priced around $96,274 after a small drop of 0.31% in the past 24 hours. Even though this is a slight decrease, the overall trend still appears positive. The key level to watch is $96,754. If Bitcoin can move above this point, it could head toward the $100,000 mark, which is the next big resistance level. To keep this upward trend steady, the price needs to remain above $96,000.
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| BTC chart analysis (Relative strength index) |
Technical indicators are also supporting a positive outlook. The Relative Strength Index (RSI), which helps measure market momentum, is currently at 67. This is above the neutral mark of 50, showing that buyers have more strength. Another indicator, the MACD, has made a bullish crossover. This means there is strong buying pressure, and overall, it shows that the bulls (buyers) are in control of the market.
However, not everything is guaranteed to go up. If the price fails to stay between $96,000 and $94,000, it could drop back to a support level of $91,796. A support level is where the price might stop falling and start rising again. But if Bitcoin falls below that, the next lower support level is $86,851, which would be a bigger drop.
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For now, the situation looks good for Bitcoin. The indicators and price levels suggest that bulls have the upper hand. But it’s important to keep an eye on those key price zones, because if Bitcoin can’t hold its ground, the market may see a downward move.
Technical indicators signals and current market status are positive right now. Bitcoin is showing signs of a strong upward trend, but it must stay above certain levels to keep moving forward. Traders should watch both the resistance and support points to better understand where the market is headed.
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