Bitcoin (BTC) has jumped by 5.5% in the past week as the market continues to recover. Just a few minutes ago, the United States Commerce Secretary, Howard Lutnick, emphasized that the White House is ready to sign a trade deal.
The news has not moved the market’s needle just yet, but it is another positive step that could aid its recovery and fuel the latest rally.
Bitcoin has booked a 0.8% gain in the past 24 hours and currently sits at $95,078 – the closest it has been to the $100,000 mark in months.
Trading volumes surged strongly on April 22 to $55 billion – the highest they had been since April 9 when President Trump decided to extend a 90-day pause to the implementation of tariffs.
Meanwhile, open interest – a measure of the outstanding volume of future contracts in the market – has been steadily climbing since the metric hit its yearly low on March 4, as per data from CoinGlass. It has moved from 541,000 BTC to a yearly peak of 718,000 BTC last week.
Open interest tends to be a good predictive measure of both market sentiment and upcoming price moves. Strong open interest during a market rally tends to result in higher prices in the near term as leverage kicks in.
It is also a measure of sentiment as it means that traders are confident about the trend’s direction – which is currently bullish.
Bitcoin Encounters Strong Selling Pressure at $97K
Bitcoin (BTC) has bounced strongly off the $74,000 level and has now moved above its 21-day EMA.
Trading volumes have been strong lately, but perhaps the most critical and relevant technical signal has been a bullish crossover between the 21-day EMA and the 200-day EMA.
This tends to support a bullish outlook not just for Bitcoin but for the entire crypto market as it indicates that the short-term price trend is stronger than the longer-dated trend.
Momentum has been accelerating recently as the Relative Strength Index (RSI) surged to its highest level since December. However, the MACD’s histogram has been trending lower in the past four days as BTC has hit a critical area of resistance.
The $96,900 seems to be a key level to watch as the rally has faced strong selling pressure here. As the price gets closer to $100,000, buyers’ commitment will likely be tested.
If BTC retreats from these levels, the 21-day EMA would be the most relevant support to watch. A pullback at this point would be healthy to find new liquidity, as late buyers will likely take advantage of the decline to step in.
Little seems to be standing in the way of BTC to climb back to $100,000, and this new crypto presale called BTC Bull Token (BTCBULL) will benefit as the project offers milestone-based rewards to Bitcoin investors.
BTC Bull Token (BTCBULL) Offers Airdrops and Other Rewards
BTC Bull Token (BTCBULL) is a meme coin with a purpose. As the price of Bitcoin rises to a new all-time high, investors are compensated via token burns and airdrops.
Thus far, and despite the market’s challenging conditions, the project has raised $5.1 million to fund its rewards pool.
The compensation mechanism is quite simple. Starting at $100,000, investors will be rewarded for every $25,000 that Bitcoin adds to its price.
The first milestone will be hit once BTC rises to $125,000, at which point a portion of BTCBULL’s circulating supply will be burned. Moreover, as the price rises to $150,000, token holders will receive a direct airdrop of Bitcoin tokens.
These actions are enforced by smart contracts audited by top blockchain security firms Coinsult and Solid Proof.
To buy BTCBULL, simply head to the BTC Bull website and connect your wallet. You can either swap USDT or ETH or use a bank card to make your investment.
