Bitcoin Nears $100K While Ethereum Struggles

With technical patterns hinting at Bitcoin (BTC) price incurring an upsurge to $100,000, the BTC price hovered around the $95,000 mark on Tuesday. This bullish outlook is possible given that U.S. spot Bitcoin Exchange Traded Funds (ETFs) have reported $591.29 million of net inflows on Monday alone. We have had this trend since April 17, with so much confidence from the biggest financial entities.

The addition to the bullish sentiment with enterprise software Strategy (MSTR) declaring that it had paid 15,355 BTC for the industry-leading $1.42 billion, is simply another step forward in its planned strategy of accumulating the Bitcoin. Meanwhile, the state of Arizona also passed legislation allowing it to allocate up to 10 percent of the funds it has available in digital assets specifically Bitcoin for its state treasurer and retirement system.

However, as the week started the institutional interest in Bitcoin was still strong, as SoSoValue ETF data revealed that Monday’s $591.29 million in inflows continued its mid-April trend. It’s happening, and market analysts tell me it could be a catalyst to drive the price above new highs.

Corporate Accumulation Reinforces Positive Market Sentiment

At the time,  Strategy’s Monday admission of its purchase of 15,355 BTC at an average cost of $92,737 per coin for a $1.42 billion investment. The company’s holdings of 6,556 BTC were added the week before that, and it now holds a total of 553,555 BTC in its reserves.

Growing corporate confidence in Bitcoin’s long-term value proposition incites the firm to chase a more aggressive accumulation strategy. In the long run, as more companies keep adding BTC to its balance sheet, the resulting supply pressure and positive household sentiment will help drive a steady inflationary growth in price and help to sustain the Bitcoin as a maturing asset class narrative.

Since April 30, Bitcoin exchange-traded funds (ETFs) have seen eight consecutive days of buying for which there is no sign of coming to an end. Monday saw the BlackRock’s IBIT ETF able to pour in $1 billion in inflows, the biggest to a single ETF. Tender Vault reported that despite this surge the total net deposits across the ETF market fell to $591 million, due to massive redemptions from major players Fidelity and Ark Invest. Industry observers say that BlackRock’s heavy buying could be a catalyst for other institutional investors to jump in, as well, in the next day or two.

Arizona Set to Become First US State to Hold Bitcoin as Reserve Asset

Arizona could soon be first U.S. state to hoist Bitcoin (BTC) as a reserve asset, a pioneering move. The Bitcoin Reserve Bill SB1025 was approved by the state legislature on Monday, according to a report by Bloomberg Government, permitting for state funds managed by the state treasurer and retirement system to be invested with up to 10 percent of the state funds in digital assets with Bitcoin specifically named.

Democratic Governor Katie Hobbs now has final approval of the bill. If put into law, Arizona will become the first state to oblige the use of public money to buy Bitcoin, a move other states — New Hampshire and Texas, among others might follow this year as part of the ongoing State Reserve Race. This could be a major step towards institutional crypto adoption in public sector, bolstering confidence and credibility on the Bitcoin as a long term store of value.

Bitcoin Price Forecast: Bulls Target $100K Milestone

Bitcoin (BTC) is being watched after a strong rally last week that saw bulls aiming at a $100,000 psychological barrier. In the week until Friday, BTC managed to breach over the 200-day EMA ($85,000) and post an 11.14% gain. It failed to close above the March high of $95,000, only to drop slightly on the weekend. On Tuesday, Bitcoin stabilizes around $95,000 trying to form a base before a potential breakout. If the daily close is sustained above $95,000, the resistance level at $97,000 could be breached, with further impetus taking Bitcoin getting closer to the $100K mark.

However, the Relative Strength Index (RSI) is 67, just below the overbought line of 70, indicating the cooling of momentum. Despite this, another leg higher into the existing bull trend may be boosted by strong institutional demand or positive regulatory developments. If BTC fails to break above $95,000 then short term correction back towards support at $90,000, a key psychological number which held during previous rip-offs, could be in order.

Trump Meme Coin Outperforms Market Peers, Dogwifhat Shows Signs of Recovery

Notably, the official Trump meme coin has soared 95 percent from its April 7 low of $7.14 to $14.00 at the time of writing. The rally had come after the asset was turned away from its monthly high of $16.44 on Saturday, as evidence of a pullback in momentum. Despite the upward movement, TRUMP failed to cross above the 100-day Exponential Moving Average (EMA) at $15.10, indicating that bullish strength is on a drawdown. The relative strength Index (RSI) has also declined to 64.77 from a level of 75 indicating that the market is moving into the overbought region. However, the coin is still above the 50-day EMA at $11.73, which is also upward facing, indicating an indication of a potential trend reversal still may be on the radar. Bulls could get the liquidity to attempt a new breakout off the $14.00 support base.

An ongoing trend of profiting out of a safe coin into risky meme coins is now being observed by onchain analytics firm Santiment. Since the news of an exclusive dinner for TRUMP’s token top 220 holders spiked TRUMP’s activity. The top 25 holders will also enjoy a VIP reception at the scheduled May 22 event at the Trump National Golf Club in Washington, D.C. A White House tour is also planned for select guests and former President Donald Trump is expected to attend. Investor sentiment on the Trump meme coin is already positive as the high-profile dinner forms, and the coin could be viewed as a key asset to watch against the backdrop of Bitcoin’s broader price recovery. At the same time, Dogwifhat (WIF), a meme coin share in Solana ecosystem is another cryptocurrency that is developing sound, bouncing back much more than 100% from its April 7 no cost of $0.30 (all the time minimal) to currently can be bought at $0.61.

The bullish structure has succeeded as the crypto market has remained positive as WIF trades above the 50 day EMA at $0.53. A breakout above the 100 day EMA at $0.78 looks towards $0.78, and this would also confirm the uptrend, moving towards the psychological $1.00, and possibly the 200 day EMA at $1.26. For it might be April that sees a turning point as the year gets back to its feet after posts losses in Q1. WIF is up 47% this month, having ended the month of January losing -38.7%, February losing -45%, and March 33.1%. The momentum could allow the coin to deliver a positive performance in the second quarter of 2025.

However, the Relative Strength Index (RSI) of 65.76 and moving lower toward the neutral 50 will show a possible liquidation activity. It seems that this shift occurred once the RSI exceeded above oversold zone to 73.48 on Saturday. In case the selling pressure becomes stronger, Dogwifhat may tumble in a long decline towards the 50-day EMA. Below this key support is the $0.40 range, which were last tested in March and the all-time low of $0.30.

Monero Privacy Debate Trumps as Bitcoin Cash is No1 Gainer on Top 20

Bitcoin Cash (BCH), which is ranked as the 18th largest cryptocurrency by market capitalization, gained 6 percent rally. This follows as more of these Privacy coins garner market attention due to observations that are a result of the Monero (XMR) controversy. Hyperliquid, a market leader in Real World Asset (RWA) protocol, noted a noteworthy 18.4% increase that may signify an increased interest in tokenizing financial instruments.

Bearish Sentiment Toward Ethereum as $1,000 Target Gains Traction

The lackluster demand for spot Ethereum ETFs which have struggled to bring in $2.4 billion in inflows still pales in comparison with the $38 billion moisture Bitcoin has in such products. When it comes to the decentralized finance and the blockchain gaming, Ethereum faces strong competition. Further genuine erosion of Ethereum’s market share stems from rivals such as Base, Arbitrum, and Solana. So much so that even Cardano founder Charles Hoskinson predicts of Ethereum that it may not even last the next 10 and 15 years.

Demand-wise, the number of people wanting to buy Ethereum has declined. Comparing year to date figures to those of other blockchain platforms like Lido, Uniswap, Solana, Jito, Circle, and Tron, among others, BNB proves to have a relatively poor performance. From a technical perspective, Ethereum’s recent price rebound has given rise to a fear that the sell-off perhaps is a dead cat bounce or a bull trap. The token is currently forming a triple-top pattern at $4,010, which is at a level of the highest when recorded in March, May, and November of last year on the weekly chart. This formation is located at the neckline of $2,130 the lowest swing since August 5.

That is approximately 47.26% which is the distance between $4,010 and the neckline at $2,130. A target of around $1,093 is projected from projecting that same distance downward from the neckline points. A fall below this level could persist longer and lead towards psychologically significant $1,000 threshold. Nevertheless, if Ethereum trades above the neckline level of $2,130, the above bearish projection will be invalidated.