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Swissblock has suggested that Bitcoin 
$103,430 might experience a short-term decline after recently reclaiming the $90,000 level. The company pointed out that Bitcoin is currently trading at $93,312, indicating a potential correction in the range of $89,000 to $90,000 before any further upward movement.
Bitcoin Price Forecast
According to Swissblock, the $94,000 to $95,000 region represents a crucial resistance point that needs to be surpassed. The firm stated that if Bitcoin encounters difficulties breaking through these levels, a pullback could be a logical outcome.
Swissblock: “The $94,000-$95,000 area is a resistance that must be overcome. A pullback is expected to gain momentum. The $89,000-$90,000 range could test bullish strength; it offers a buying opportunity from a structural strength perspective.”
Following the rise in Bitcoin’s price, an increase in spot Bitcoin-based exchange-traded fund (ETF) purchases has been observed. Market participants noted that there has been significant activity, particularly due to institutional buying.
Swissblock: “Everyone is optimistic about Bitcoin’s rise to $94,000. Institutional investors notably purchased 17,000 BTC on April 22. This move might signal the beginning of an increasing buying wave.”
Bitcoin Commentary
Swissblock mentioned that it is closely monitoring the Bitcoin Fundamental Index (BFI). The company highlighted that a weakening BFI could indicate challenges to the sustainability of upward movement, and strengthening this metric is vital.
Swissblock: “The BFI is weakening. The upward movement does not appear sustainable. If this metric does not strengthen, it indicates downward pressure.”
According to the analysis, for Bitcoin to maintain a strong bullish trend, it must hold above the support level at $83,000. A dip below this support zone is anticipated to enhance downward pressure.
The analyses mentioned above point out critical aspects that investors and market followers should consider. Observations suggest that changes in technical levels and indicators could significantly impact the market dynamics.
