- Bitcoin has surged past $93K, driven by strong ETF inflows and bullish technical patterns, signaling growing investor confidence.
- With momentum building, a breakout toward the $106K level appears increasingly likely.
Bitcoin is back in the spotlight — and this time, it’s not just a bounce. The flagship cryptocurrency has broken past the $93,000 mark, setting the stage for what could be its next major milestone: $106,000.
In just four days, Bitcoin has posted an impressive 11% surge, fueled by back-to-back bullish candles and a breakout from a double-bottom pattern. On April 22 alone, the asset soared by 6.83%, smashing through multiple resistance levels and sending a strong message to bears: the bulls are back in charge.
At press time, Bitcoin trades around $93,681, comfortably above its 50-day and 200-day EMAs. The trend reversal in these indicators points to a growing likelihood that a “death cross” — a traditionally bearish signal — has been averted. Momentum is strong, and technical indicators support the uptrend. The Chaikin Money Flow Index, which measures capital inflows, has climbed from 0.04 to 0.17, hinting at rising investor interest.
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Fueling the rally further is a surge in derivatives activity. Open interest in Bitcoin futures has ballooned to $67.19 billion — up $9 billion in just 24 hours. According to Coinglass data, this spike brings open interest near its all-time highs, last seen in January.
On the institutional front, Bitcoin ETFs are once again in the limelight. April 22 saw $936 million in inflows — the highest daily tally since mid-January. Heavyweights like ARK, 21Shares, and Fidelity led the charge, collectively bringing in over $500 million. Three consecutive days of inflows paint a picture of growing confidence among big-money investors.
Veteran trader Peter Brandt, once bearish, now admits to being long on Bitcoin, citing a powerful breakout above key trendlines. Still, the next big resistance zone sits at $99,416 — and $106K looms just beyond.
As excitement builds and capital flows in, one question dominates the conversation: is $106K just a stop on the way to even higher highs?
Buckle up. The Bitcoin bull run might just be getting started.