Bitcoin Rallies 14.08% in April: Key Support Levels Set for Potential Bull Market Surge

Bitfinex recently released a report highlighting a significant 14.08% rise in Bitcoin throughout April, marking a notable recovery from earlier declines in the month. This upward movement not only exceeded April’s historical performance but also signaled a successful reversal from a recent retracement. After reaching a low of $74,501, Bitcoin surged to nearly $98,000, demonstrating its resilience despite ongoing macroeconomic challenges and evolving market sentiment.

The critical $95,000 level now serves as a pivotal technical support zone, representing the lower boundary of a three-month consolidation range. Maintaining this level, especially as the current price remains above the short-term holder’s cost at $93,340, could create a solid groundwork for a resurgence towards historical peaks. On-chain metrics further bolster this positive outlook, showcasing stable miner reserves and a favorable Puell Multiple indicator, which suggests minimal selling pressure among large-scale miners.

While the immediate trajectory will depend on Bitcoin’s capacity to convert this technical rebound into reliable support, broader market indicators remain bullish. Should the macroeconomic landscape stabilize, there may be an opportunity for Bitcoin to extend its current bullish cycle.