Bitcoin (BTC) rose 0.61% on Saturday, prompting optimism amid economic uncertainty

On Saturday, April 19, Bitcoin (BTC) experienced a rise of 0.61%, recovering from a prior decline of 0.52% the day before. This uptick brought BTC to a closing price of $85,033, a significant milestone as it managed to maintain the $85,000 threshold for the first time in a week. This rebound in Bitcoin's value is noteworthy amid a backdrop of ongoing trade tensions and economic uncertainty. As reported by the market intelligence platform Santiment, this recent price action has been influenced by the accumulation behavior of Bitcoin stakeholders. Wallets holding between 10 and 10,000 BTC represent a substantial portion of the market, controlling 67.77% of Bitcoin’s total supply. Since March 22, these key stakeholders have reportedly purchased over 53.6K BTC, suggesting that their confidence in the cryptocurrency may contribute to its recent upward trend. According to ETF Store President Nate Geraci, further validation for Bitcoin's market strength comes from Charles Schwab, which plans to offer crypto-spot trading by 2026. This initiative underscores a growing institutional interest in the cryptocurrency space, despite existing regulatory uncertainties from the SEC and US policymakers. Such developments are expected to play a critical role in the broader acceptance and growth of cryptocurrencies. Economically, several pivotal scenarios will affect Bitcoin's price trajectory: BTC is currently trading above its 200-day Exponential Moving Average (EMA) but remains below the 50-day EMA. Experts suggest that breaking through the 50-day EMA and the resistance level of $86,263 could open avenues for further bullish movements toward $90,742 and potentially even a landmark price of $100,000. Conversely, if Bitcoin falters and drops below the 200-day EMA, it might test significant support levels around $80,000, possibly leading to further declines to the March 11 low of $76,642. In comparison, Ethereum (ETH) remains under bearish pressure, trading below both the 50-day and 200-day EMAs. The market observers are keenly watching for potential break points, particularly noting that a push beyond $1,750 could realign bullish interests toward $2,000 and beyond. Overall, the trajectory leading to Bitcoin potentially hitting $100,000 faces multifaceted challenges, including US-China trade tensions, risks of recession, and ongoing monetary policy uncertainties. Yet, the importance of ETF inflows, positive economic indicators, and regulatory clarity cannot be overstated as these factors are likely to influence market sentiments significantly.