Bitcoin News Today: Bitcoin Must Hold Above $95K to Avoid Short-Term Correction, Bitfinex Warns

Bitcoin’s (BTC) ability to maintain support above $95,000 could determine whether the market heads toward a fresh all-time high or risks a near-term correction.Bitcoin Price Hovers Near $96,730 as Fed Holds Rates SteadyBitcoin’s current price consolidation near the $96,730 mark has drawn attention from analysts at Bitfinex, who emphasize the importance of the $95,000 support zone. In its May 6 markets report, Bitfinex said this level is a "critical pivot point" that could shape the direction of BTC’s next major move.The comment comes shortly after the U.S. Federal Reserve, on May 7, confirmed it would hold interest rates steady at 4.25%–4.50%, citing rising risks of both inflation and unemployment amid ongoing macroeconomic uncertainty. Bitcoin traded higher on the day of the announcement, suggesting a cautiously optimistic market response.Key Support Could Mark Return to Bullish StructureAccording to Bitfinex, holding above $95,000 would confirm a “structural shift” back into bullish territory and open the door for Bitcoin to retest its $109,000 all-time high, set on Jan. 20, 2025. This level currently marks the upper bound of a three-month trading range established between November 2024 and February 2025.If this support holds, analysts believe a breakout toward $98,000 and beyond could trap short sellers, creating a short squeeze scenario. Crypto analyst Thomas Fahrer noted that $400 million worth of short positions are vulnerable to liquidation if BTC reaches $98,000.Failure to Hold Could Trigger CorrectionHowever, if Bitcoin fails to defend the $95,000 level, Bitfinex warns that the zone may flip into resistance, potentially triggering a short-term rejection and another round of corrective price action.“The next few days will be critical,” Bitfinex stated, adding that BTC’s ability to either break higher or revisit lower support levels will likely be influenced by macroeconomic cues and trading sentiment.$123K Target Still in Play for June?Bitcoin is up 2% over the past seven days and remains in a tight upward channel. Market watchers are now looking to June as a potential window for a new all-time high. In March, Real Vision analyst Jamie Coutts projected a best-case BTC price target of $123,000 by June, while Swan Bitcoin CEO Cory Klippsten estimated a 50% chance of reaching new highs by the end of Q2.Despite these bullish projections, historical patterns suggest caution. Since 2013, Bitcoin’s average performance in June has been slightly negative at -0.35%, according to market data.Sentiment Improves as BTC Nears $100K MilestoneOverall sentiment appears to be tilting bullish. The Crypto Fear & Greed Index jumped 8 points to 67, landing deeper in “Greed” territory, reflecting increasing investor confidence as Bitcoin edges closer to the psychological $100,000 threshold.