Zinger Key Points
- Global cryptocurrency market capitalization is trading 6.4% higher to $3.6 trillion, pushing BTC beyond $100,000.
- One trader noted that Bitcoin is ready to explode, while another marks $94,800 and $97,700 critical area for potential support.
- Learn how to trade volatility during Q1 earnings season, live with Matt Maley on Wednesday, April 2 at 6 PM ET. Register for free now.
Cryptocurrency markets are trading higher on Wednesday, boosted by positive inflation data.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $101,041 | +4.0% |
| Ethereum ETH/USD | $3,820 | +4.2% |
| Solana SOL/USD | $229 | +6.3% |
| Dogecoin DOGE/USD | $0.4161 | +4.8% |
| Shiba Inu SHIB/USD | $0.00002884 | +7.4% |
| XRP XRP/USD | $2.41 | +2.1% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 14.9% and daily active addresses up by 9.7%. Transactions greater than $100,000 remained relatively flat. Exchanges netflows are up by 334.2%.
- Coinglass data reports 103,627 traders were liquidated in the past 24 hours for $267.63 million.
- CryptoQuant Founder and CEO Ki Young Ju noted that Bitcoin corrections could be smaller in this bull cycle amid steady buying from ETFs and institutions.
Notable Developments:
- Trump Admin’s Crypto Push Revives Industry Hopes For Banking Access
- Morpheus Launches $20 Million In Rewards For AI Compute Providers
- Bitcoin ETFs Spark Institutional Interest: ‘The Doors Have Been Blown Off,’ Superstate CEO Says
- Goldman Sachs CEO Says Bank Can Consider Bitcoin, Ethereum Spot Trading If Regulations Allow
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Peanut The Squirrel PNUT/USD | $1.30 | +30% |
| Sui SUI/USD | $4.33 | +19.4% |
| Aerodrome Finance AERO/USD | $2.13 | +16.6% |
Trader Notes: As Bitcoin surged past the $100,000 mark, crypto trader Doug Funnie predicts an explosive rally ahead and wonders, "Can we get there before the weekend?"
Rekt Capital highlights that Bitcoin continues to hold its 4-week technical uptrend line as a key support level. He explains that a deeper correction would require a breakdown below this trend line, but for now, the "technical uptrend remains intact."
According to IntoTheBlock data, 482,000 addresses have purchased Bitcoin within the range of the current price and $100,000.
However, the key demand zone lies between $94,800 and $97,700, where over 1.3 million addresses have accumulated Bitcoin. The firm notes that "this range represents a critical area for potential support."
Daan Crypto Trades forecasts a slow, choppy climb for Bitcoin, with traders likely to face volatility before a genuine breakout occurs.
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