Bullish development and sustained momentum have led to Bitcoin exceeding $96,000 and global cryptocurrency market capitalization exceeding $3 trillion.
After a period of turbulence, Bitcoin could be on the crisis of destroying resistance levels at $96,000. Pioneering cryptocurrencies have skyrocketed 3% in the last 24 hours, surpassing the key price mark.
The rebound has restored the global cryptocurrency market to a $3 trillion valuation. BTC’s upward momentum has ripped through the broader markets, with Ethereum, XRP and Solana rising 5%, 3.6% and 7% over the past day, respectively.
Possible catalysts for recent uptrends
In particular, Bitcoin has been in recovery mode since early April, bounces back over $96,000, above the internal low of $74,363 and above 29%. The momentum follows bad stints that have been fueled by macroeconomic headwinds such as the tariff war.
Aside from the positive sentiment that emerged from the debate between China and the US over the tariff brawl, institutional adoption and influx into the crypto market have driven this new ferociousness.
For perspective, discussions within today’s crypto circles suggest that prominent chip maker Nvidia is considering buying Bitcoin. According to speculation, Nvidia, the world’s third largest company, is planning to buy the best assets for “stability.”
Furthermore, it appears that the US Bitcoin Spot Exchange Trade Fund (ETF) has regained momentum. Apart from the net outflow of $56.23 million yesterday, the investment products were in an eight-day inflow streak, resulting in $3.9 billion in the process.
Will Bitcoin conquer the $96,000 resistance?
Despite recent momentum, Bitcoin is facing massive sales pressure around the $96,000 area, surpassing annual operating prices. The assets have been consolidated around the region for a week, with the latest break exceeding $96,500, the highest price since March 2nd.
Meanwhile, IntotheBlock data identifies 1.38 million addresses acquired Bitcoin at an average price of $96,950, making the price mark a strong resistance zone. As the current momentum continues, the token will eventually destroy the supply zone and target higher prices.
Interestingly, a recent report highlighted that if Bitcoin finally breaks current resistance it will be free rides up to $109,000. Analysis shows that after this there are negligible supply zones. This means that BTC prices can escalate quickly.
In the meantime, Bitcoin will be trading at $96,920 with a market capitalization of $1.92 trillion.
