- Bitcoin rose above $79,000, led by more than $2.1 billion inflows into US spot ETFs, reflecting strong institutional demand.
- Ethereum also rose, crossing $2,400 with an average rise of 4%, while the broader crypto market rose.
- Analysts remain cautious despite the meeting, warning of possible problems if Bitcoin fails to maintain high levels of support or face major challenges such as the upcoming Federal Reserve decision.
Bitcoin just crossed the $79,000 level in recent trading, after gaining more than 2% in the past 24 hours. At the same time, Ethereum also rose above $2,400 with an increase of about 4% during the same period.
Market data shows Bitcoin trading near $79,269, maintaining its position above key short-term support levels. The move comes as the broader stock market continues to rally, supported by improving sentiment in global financial markets.
Bitcoin Approaches $80K Mark
One of the main factors in Bitcoin’s progress was the penetration that is taking place in the US Bitcoin transaction fees. The fund has achieved nine consecutive days of inflows, bringing in more than $2.1 billion as of April 24. This steady demand has helped absorb trading pressure and served as a steady source of price growth.
Stable to enter from the demand side and the demand side show that the demand is still good even when the prices are close to the ideal levels.
Macro conditions have simultaneously boosted the rally. More and more traditional markets have shown a higher risk tolerance and higher risk investments are more desirable. Bitcoin has seen a strong correlation with the S&P 500 over the past few weeks, suggesting that the economic boom is playing its part.
From a technical point of view, Bitcoin it is above the short-term moving average. This helped to confirm the strength of the current situation. The volume of sales also shows that they are participating in the market. Momentum indicates that the stock is still trading at a healthy level, not in a critical environment. Traders are keeping an eye on the $80,000 level in the near future. Such a rate is not only psychologically active but also a cornerstone of the price range for consumers at this time.
If Bitcoin ends above its support level of $77,500, then another attempt can be made to break through $80,000. Returning under this policy would instead bring it back to the $73,900 bracket. The policy that governs close to the US Federal Reserve is also under scrutiny. Risk sentiment in the broader markets can be affected by any change in interest rates, so market participants expect them to remain unchanged. Although the current policy is good, there are experts who are cautious.
Michael Terpin said Bitcoin BTC-0.06% they may also see a big drop later in the year. Although it recovered well in February in the area of $60,000, there have been signs that the number may drop, he said.
Bitcoin, Terpin said, could drop to $57,000 by October 2026, based on past market movements. A return of more than $100,000, he said, would require buying pressure from ETFs and more players that continue to rise. “Hitting $100,000 this year is possible, yes, but not impossible,” he said.
Some experts are also warning of short-term risks. Nic Puckrin said the Fed’s upcoming meeting could signal a change in sentiment. He added that prices are expected to stabilize and reduce the rate of inflation.
At the same time, Mr. Matthew Hyland also noted that despite the recent meeting, the business interest has not changed. He thinks that this may show a lack of confidence in what is happening now. “In my opinion, there is a high possibility that BTC will take the next step before October,” he said. Technical experts are keeping a close eye on key resistance levels, too.
Some have observed that Bitcoin, if it fails to continue in the long term, may return to lower support areas. Estimates say it could return to prices around $73,000, or lower if sales pick up. Hyland, however, also said that Bitcoin and crypto are on track to participate in May.
