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Bitcoin (BTC) 
$106,335 has achieved a robust rally, breaking out of a declining wedge formation over the past two weeks, energizing investor optimism. With this long-awaited upward momentum, BTC hints at its first positive monthly close since Donald Trump’s second term as President. The current range between $93,000 and $95,500 seemingly limits BTC, yet an optimistic environment prevails in the market. Particularly, the Crypto Fear and Greed Index rose to 56% as of April 30, 2025, reviving investor confidence.
Whales Reengage, Institutional Interest Surges
The upward trend in Bitcoin price is not solely driven by technical formations but also by the resurgence of institutional interest and the reactivation of large-scale investors. According to the on-chain analytics platform Glassnode, capital inflow into the cryptocurrency market skyrocketed from $1.5 billion to $15 billion in the past 10 days. This significant inflow indicates a renewed breath of liquidity in the market, with contributions not only from individual investors but also from state-backed acquisitions and institutional funds.
Currently, U.S.-based spot Bitcoin ETFs are playing a pivotal role in this surge. From the week’s outset, there has been a net inflow of approximately 6,900 BTC. Glassnode’s “accumulation trend score” metric suggests whale wallets are making substantial purchases, anticipating a permanent price surge. This trend strengthens the prediction that the current market consolidation might represent calm before a rallying storm.
Technical Indicators Point to New Bitcoin Highs
From a technical analysis perspective, Bitcoin price has exited the declining wedge pattern and entered a new upward channel. According to expert analyst Ali Martinez, a sustained close above $95,870 could set the next target at $114,230. If achieved, this breakout might ignite a parabolic rally.
Nonetheless, there’s a threshold investors should remain cautious about. If the price falls below $93,000, it could trigger a short-term correction. In this scenario, as per Martinez, the price might first decline to $88,000, before resuming its upward trajectory toward all-time highs.
