Bitcoin Approaches $95,000 Resistance as Bullish Sentiment Strengthens

Bitcoin approaches $95,000 resistance as bullish momentum builds, with RSI near 67.63 and MACD showing positive divergence.
Nasdaqs proposal and Semlers $10M Bitcoin purchase boost institutional confidence, strengthening Bitcoins bullish outlook.

Bitcoin price is trading at $94,380, showing a 0.79% increase in the last 24 hours. This upward movement has increased the cryptocurrencys market capitalization to $1.87 trillion, with a 14.91% rise in 24-hour trading volume, now at $35.39 billion. Despite some fluctuations throughout the day, Bitcoin remains a strong performer, continuing to attract significant interest in the crypto market.

Regulatory Clarity Strengthens Bitcoins Appeal to Institutions

Nasdaqs recent push for the SEC to classify certain cryptocurrencies as securities while exempting Bitcoin could have a significant impact on institutional adoption. In an April 25 letter, Nasdaq proposed a new category called digital asset investment contracts, which would provide regulatory oversight for tokens that do not qualify as stocks. This shift aims to establish clear guidelines for altcoins while preserving Bitcoins unique status as a non-security reserve asset.

This regulatory differentiation is a bullish signal for Bitcoin, as it provides a clearer path for institutional investors, such as hedge funds, pension plans, and corporate treasuries, to engage with the asset. With Bitcoins separate classification, the cryptocurrency is becoming increasingly recognized as a safe and reliable asset, strengthening its bullish momentum.

Semler Scientific recently added $10 million worth of Bitcoin to its holdings, increasing its total Bitcoin position to over 3,300 BTC, valued at nearly $300 million. This move contributes to a strong 23.5% year-to-date yield, driven by rising Bitcoin prices. Semlers purchase signals growing institutional confidence in Bitcoins long-term prospects and adds to the cryptocurrencys positive market sentiment.

Bitcoin Eyes $95K Resistance with Strong Technical Momentum

Bitcoins price is currently nearing the key resistance level of $94,922, an area identified by analyst Ali as a significant hurdle. The cryptocurrency has been struggling to maintain momentum above this point, and a breakout above this level could lead to higher targets, potentially reaching $96,000 and beyond. However, if Bitcoin fails to break through this resistance, it may face a period of consolidation.

The Relative Strength Index (RSI) stands at 67.63, suggesting that Bitcoin is nearing overbought territory, though there is still potential for further upside. The Moving Average Convergence Divergence (MACD) shows a positive divergence, with the MACD line above the signal line, reinforcing the bullish sentiment. The histogram indicates continued buying pressure, as evidenced by the growing green bars.

Source: TradingView

Looking at key levels, the resistance remains at $95,000. If Bitcoin surpasses this level, it could target $96,000. On the downside, support lies around $92,000, and if Bitcoin falls below this level, it could revisit lower levels, potentially around $90,000. These technical levels will be crucial in determining Bitcoins price direction in the short term.

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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M

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