crypto.news 2025-05-01 15:44:19

Bitcoin surges past $97k as bulls build momentum

Bitcoin surged past the $97,000 mark on Wednesday, climbing to a high of $97,546 before pulling back slightly, as traders continue to test key resistance levels. The move came after days of tight price action between $93,000 and $96,000, with total market capitalization reaching $1.90 trillion and 24-hour trading volume hitting $29.88 billion, according to recent crypto.news data. The rally builds on momentum that began in mid-April, when Bitcoin ( BTC ) decisively broke out of a long-standing consolidation phase near $74,400. Technical indicators suggest continued upward pressure, with major support now established in the $88,000–$90,000 zone. A dip toward $92,000 could offer a new entry point for long positions if supported by renewed volume, while a fall below $88,000 may signal broader correction risks. Read more: https://crypto.news/why-is-bitcoin-price-stuck-in-a-tight-range/ Is Bitcoin gaining momentum? This rise is nearly 30% from its April low, as investors embraced riskier assets. The rally gained momentum after the cryptocurrency avoided a death cross pattern in April, with bullish technical signals such as a double-bottom and bullish flag breakout suggesting further upside. Institutional interest also grew, with spot Bitcoin ETFs recording $2.9 billion in inflows last month and companies like Tether, SoftBank , and Trump Media adding Bitcoin to their treasuries. At the same time, disappointing U.S. economic data, including weak job growth and declining consumer confidence, fueled expectations of a rate cut by the Federal Reserve. These developments, along with the possibility of a trade policy pivot from Donald Trump, helped drive renewed optimism in Bitcoin’s path forward. You might also like: Will Bitcoin price will hit an all-time high in May?