Bitcoin Traders Eye New Record Break as Trump Claims Tariff Progress
Shaurya Malwa | Edited by Parikshit Mishra Updated May 1, 2025, 2:01 PM Published May 1, 2025, 6:20 AM
The cryptocurrency market continues to be in a state of prolonged consolidation, with the total market cap approaching $3 trillion, while analysts predict a possible breakout of Bitcoin (BTC) that could lift the market.
Bitcoin hovered around $95,000 on Thursday, while Ethereum (ETH), BNB Chain, and Solana’s SOL were flat. Cardano’s XRP and ADA fell 2%, and dogecoin (DOGE) was down 3%.
Bitcoin exchange-traded funds (ETFs) lost $56 million on Wednesday, snapping an eight-day streak in which nearly $3 billion was invested in the U.S.-listed products.
Markets have generally remained range bound over the past week, some say, which could lead to a sharp rally.
“These long consolidations usually create power for further moves. The next big trigger is likely to be Friday’s labor market data,” Alex Kuptsikevich, chief market analyst at FxPro, told CoinDesk in an email.
“The market has been in a very tight range for the last five days, with some tendency for smaller drops. However, it has failed to break through its 200-day moving average, which is currently around $3.01 trillion. A breakout would require global positivity, but that would open the way to the $3.5 trillion area,” Kuptskevich added, pointing to significant moves in altcoins.
Pat Zhang, head of research at WOO X, shares this view. “BTC continues to show volatility, forming a consolidation range between $93,000 and $95,000 since April 25, creating momentum for a potential breakout,” he said in a Telegram post.
“The average BTC funding rate over the past week has been negative, which is rare and indicates whale activity both on and off exchanges,” Zhang added.
Over the past two years, the funding rate for Bitcoin contracts has been negative only four times, namely between September 19-22, 2023, October 20-27, 2023, August 16-24, 2024, and September 10-17, 2024.
“After these periods of negative funding rates, BTC has shown strong upward trends, indicating that whale accumulation may be setting BTC up for a potential rally,” Zhang noted.
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