Bitcoin’s price has been on a roll lately, jumping 12% in the past week thanks to strong demand. Even after a slight dip, the overall feeling is still very bullish.
A Bullish Flag Pattern Emerges
A crypto analyst, Titan of Crypto, spotted a “bull flag” pattern on the Bitcoin 4-hour chart. This pattern often means a price surge is coming.
Here’s how it works: Bitcoin’s price shot up from around $83,000 to $94,700 (the “flagpole”). Then, it went sideways for a bit, moving between $91,800 and $94,700 (the “flag”). Breakouts from bull flags usually match the size of the initial price jump. Since the initial jump was roughly $11,700, Bitcoin could now climb to around $103,000.
Bitcoin already broke out of the “flag” pattern on April 25th, but there’s a mini-consolidation happening now, with prices trading between $94,600 and $95,504. If demand stays strong, the rally should continue. However, if interest fades, it could drop back to $92,000.
Most Bitcoin Holders Are in the Green
IntoTheBlock says a whopping 95% of Bitcoin investors are currently making money, thanks to prices exceeding $95,000. A big part of this is due to the Bitcoin spot ETF market, which saw its highest net inflows since January – a massive $3.06 billion in just one week! This huge inflow shows strong underlying demand.
Bitcoin by the Numbers
At the time of writing, Bitcoin is trading at $94,359, up 0.97% in the last day. Daily trading volume is up 10.02% at $35.15 billion. Bitcoin still dominates the crypto market, making up 63.4% of the total value.