By Chris Hollingworth 
Bitcoin’s price remains near $97,000 as traders eagerly anticipate the release of today’s Federal Open Market Committee (FOMC) minutes. The key level to watch for Bitcoin is $95,000, as holding this support is crucial for further bullish price expansion in the short term. Meanwhile, select altcoins are also maintaining their respective support levels, potentially opening the doors for a short-term rally.
The bulls in the Bitcoin market are currently aiming to break through the immediate resistance at $97,895 and challenge the significant $100,000 level. According to a post by crypto analytics platform Santiment, wallets holding between 10 and 10,000 Bitcoin have been accumulating the digital asset, indicating positivity towards further gains. Additionally, investors have been flocking to BlackRock’s spot Bitcoin exchange-traded fund, with new capital inflows reaching approximately $4.7 billion over the past 16 days.
Analysts suggest that Bitcoin must maintain levels above $95,000 to signal a shift into bullish territory, potentially paving the way for a rally to new all-time highs. However, a breach of the $95,000 support could lead to a deeper correction, as per Bitfinex data.
Bitcoin’s price rebounded from the 20-day exponential moving average ($93,091) on May 6, indicating ongoing positive sentiment among traders. The next key resistance for Bitcoin is at $97,895, with a potential challenge of the psychological barrier at $100,000 looming. On the downside, a sustained move below the 20-day EMA could see Bitcoin retesting the 50-day simple moving average at $87,441.
As for Ether (ETH), buyers are struggling to push the price above the immediate resistance at $1,873. If successful, ETH could target $2,111, with minor resistance expected at $1,957. Conversely, a break below the moving averages might lead to a decline towards $1,537, a critical support level for the ETH/USDT pair.
XRP (XRP) has been hovering between the resistance line and the $2 support level, with a potential breakout signaling a trend change towards $3. Conversely, a close below $2 could result in a decline towards the $1.72 to $1.61 support zone.
BNB (BNB) has shown resilience as the bears struggle to keep the price below the moving averages. The bulls are eyeing a breakthrough at $620 to target the strong overhead resistance at $644, with a potential rally towards $680 if successful.
