By Chris Hollingworth 
Bitcoin’s price movement in the coming days hinges on its ability to maintain above the $95,000 level, according to crypto analysts. Failure to hold this level could result in a deeper correction, potentially jeopardizing a retest of its all-time high of $109,000.
In March, several crypto analysts expressed optimism about Bitcoin’s prospects for reaching new all-time highs in June. The upcoming Federal Reserve decision on May 7 is also expected to influence Bitcoin’s price trajectory.
Bitfinex highlighted the significance of the $95,000 level as a critical pivot point that defines market structure. Holding above this level would indicate a structural shift back into bullish territory, potentially setting the stage for a retest of all-time highs.
Bitcoin achieved its all-time high of $109,000 on January 20, and is currently trading at $96,730 according to CoinMarketCap data. Analysts caution that a failure to hold above $95,000 could lead to a short-term rejection and further corrective price action.
If Bitcoin continues its rally, it may catch many traders off guard. Crypto analyst Thomas Fahrer noted the risk of $400 million in Bitcoin short positions being liquidated at the $98,000 price level.
Market analysts had previously projected a best-case target of $123,000 by June, with some suggesting a 50% chance of new all-time highs before the end of the month. Bitcoin’s historical performance in June has shown a slight negative trend since 2013.
The Federal Reserve interest rate decision on May 7 is expected to impact Bitcoin’s price, with potential volatility surrounding the announcement. Despite this, the futures market indicates minimal odds of a rate cut, contributing to a more positive market sentiment as Bitcoin approaches the $100,000 price level.
The Crypto Fear & Greed Index, a measure of market sentiment, has surged into “Greed” territory, reflecting growing optimism among investors. As Bitcoin navigates critical price levels, the next few days will be crucial in determining its short-term trajectory.
