TL;DR
- Bitcoin recovered ten grand since its weekly low and now aims at $95,000, but it needs to overcome a crucial resistance first.
- Massive spot buying on Binance is among the factors that could propel another rally.
Bitcoin Traders on Binance
The primary cryptocurrency, alongside the rest of the crypto industry and every financial market, was significantly impacted by the Trade War initiated by US President Donald Trump in the past few weeks. There’s no evident end in sight, but the most recent pause could allow markets some breathing room.
That’s why we will exclude macroeconomics from this article and focus more on technical aspects and current investor behavior.
Ali Martinez, a popular crypto analyst, told his 135,000 followers on X that Binance traders went on a buying BTC spree, with the Taker Buy/Sell Ratio exploding to 1.8. He believes this is a positive sign that bulls ‘might be stepping in.’
A big spike in buying pressure for #Bitcoin $BTC just hit on Binance. Bulls might be stepping in pic.twitter.com/dGTbaCMUoa
— Ali (@ali_charts) April 12, 2025
Futures traders on the world’s largest exchange, on the other hand, have opened mostly short positions, with over 56% of all trades hoping for a price decline. However, history shows that BTC tends to do the opposite of what the crowd expects from it, especially on the derivatives scene.
Tech Aspects
While the long-standing battle between bulls and bears continues in full force, Martinez noted that bitcoin has managed to ‘slice through’ the first significant resistance in its way toward price redemption – the 50-day SMA, which is around $84,500. Although BTC is yet to fully overcome that level as it sits next to it now, the overall bullish momentum in the past few days suggests more gains are to come.
If BTC indeed passes through this line, the next major obstacle will be the 200-day SMA at $87,250. Should that fall, the cryptocurrency could surge toward $94,000, Martinez added.
#Bitcoin $BTC is slicing through the 50-day SMA. The next key hurdle is the 200-day SMA at $87,250, and a breakout there could pave the way to $94,100. pic.twitter.com/uO9d9Bhbdq
— Ali (@ali_charts) April 12, 2025
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