Bitcoin News: Bitcoin Hits 7-Week Highs, Then Slips Below $94K as Analysts Doubt Immediate $100K Breakout
Traders Caution Over Pace of Rally Amid Mounting Sell PressureBitcoin (BTC) briefly surged to seven-week highs above $95,000 following the Wall Street open on April 25 but has since retreated below $94,000, fueling skepticism over the strength of the latest rally.According to data from Cointelegraph Markets Pro and TradingView, BTC/USD initially preserved support at its yearly open of $93,500, leading to a wave of leveraged short liquidations. However, the gains proved short-lived, as sellers reasserted pressure near key resistance levels.Buyer-Seller Battle Shifts MomentumBitcoin’s brief move toward $95,000 triggered a tug-of-war between buyers and sellers, with market participants warning of heightened volatility. Data from CoinGlass showed ongoing liquidity absorption across exchange order books during the spike.Daan Crypto Trades, a popular market commentator, highlighted that Bitcoin had reclaimed the Bull Market Support Band, a critical technical level lost earlier this year."A weekly close above this level would be a good look for the larger timeframe, and I'd expect new highs at some point as long as it holds above," he posted on X.However, signs of caution grew as BTC price failed to hold above $94,000. Skew, another trader, warned of the underlying fragility, noting that a passive buyer had been absorbing selling pressure — but that market dynamics could shift rapidly."Price would be a lot lower than it is now without the passive buyer matching this market selling," Skew said. "Eventually one will throw in the towel & volatility will follow through."Analysts See No Immediate Catalyst for $100K BreakoutDespite recent bullish moves, analysts argue that Bitcoin still lacks a strong catalyst to sustain a breakout toward $100,000.Keith Alan, cofounder of Material Indicators, pointed to declining volume, repeated wicks below $93,500, and a bearish signal from proprietary trading indicators."For me, a pump above $95K would invalidate the new signal, but I'd probably consider such a move to be a short squeeze unless we have a catalyst with some substance behind it," Alan explained.QCP Capital similarly advised caution in a note to clients, highlighting that market positioning has become "crowded," increasing the risk of sharper corrections."Given the pace of the recent rally, we remain tactically cautious," QCP Capital wrote."Market participants appear to be watching closely for signs of continuation or exhaustion."At present, macroeconomic trends and technical indicators suggest that Bitcoin may enter a consolidation phase rather than achieving a swift breakout to six figures, according to Cointelegraph.
