Bitcoin breaks through $95k amidst ongoing rally

Bitcoin has surpassed the $95,000 as it continues to climb higher. Analysts predict the BTC rally could catapult the cryptocurrency back to its $100,000 level.

According to data from crypto.news, the largest cryptocurrency by market cap has ended the month strong after it soared as high as $95,444 in the past 24 hours of trading. The last time BTC stood at $95k was in mid-February before it plummeted lower and settled below $80,000 at the beginning of this month.

At press time, BTC has maintained its position above the $95,000 mark, going up slightly by 0.1% and settling at $95,104 on April 30 at 12:00 UTC. The token currently has a market cap that stands at $1.88 trillion. However, its daily trading volume has gone down by nearly 20%, falling to $22.6 billion.

In the past few days, BTC has been in an ongoing rally, having gone up by 13.3% in the past week and 15.7% in the past month.

Bitcoin’s current rally is largely fueled by the economic uncertainty that has led traditional assets like stocks and fiat currencies to weaken. As a result, investors have flocked to secure their funds into safe-haven assets like gold and cryptocurrency. Just a few days ago, gold reached a new all-time high at $3,390.

Moreover, institutional interest also seems to be one of the key drivers of the recent rally. According to data from SoSoValue, U.S. spot Bitcoin ETFs have seen $764 million in net inflows over the past week.

According to CryptoQuant contributor Darkfost, Bitcoin’s supply-in-profit metric shows that more than 85% of holders are now sitting on profits. This marks a 10% increase compared to its previous dip to 75%.

Previous analysis by crypto.news predicted that if BTC manages to break through $98,000, it could lead to BTC returning to its previous $100,000 level. However, a decline at this point in time could lead towards BTC sliding even further down toward $85,000–$87,000.