Bitcoin Price: Urgent Wait for Donald Trump’s Speech to Break Range?
The cryptocurrency market is holding its breath, particularly regarding the current position of the Bitcoin price. It’s trading within a notably tight range, just below the $96,000 mark. This period of consolidation comes as investors and traders keenly anticipate a significant event: U.S. President Donald Trump‘s upcoming 100-day speech, scheduled for April 29th. Could this political address provide the catalyst needed to break Bitcoin out of its current ‘compressing’ range and potentially ignite a new rally?
Bitcoin Price Consolidates Ahead of Key Political Event
Currently, the Bitcoin price is fluctuating between approximately $91,700 and $95,850. This sideways movement indicates market uncertainty and a ‘wait-and-see’ approach among participants. Historical data shows that political commentary, especially from influential figures like Donald Trump, can sometimes impact market sentiment and short-term price movements.
Investors are looking for clarity, particularly regarding crypto policy under the current administration. While cryptocurrency has featured in discussions, specific regulatory updates or a clear stance on proposals, such as a strategic Bitcoin reserve, are eagerly awaited. Such clarity could significantly influence market direction.
However, the potential impact isn’t solely positive. Renewed focus on broader economic issues like tariffs or aggressive budget cuts could introduce volatility and potentially cap gains in the BTC market.
Interestingly, the cryptocurrency betting platform Polymarket indicates a 24% chance of Trump mentioning “crypto” or “Bitcoin” in his speech, with over $1 million wagered on the outcome. This highlights the market’s focus on this specific event as a potential trigger.
Significant BTC Outflows Support the Bullish Case
Beyond political anticipation, a significant underlying factor supporting a potential upward move is the declining supply of BTC on exchanges. Since April 22nd, over 50,500 BTC, valued at roughly $4.7 billion, have been withdrawn from these platforms.
Why is this important?
- Lower supply on exchanges means fewer coins are immediately available for selling pressure.
- This reduced supply makes the Bitcoin price more sensitive to demand increases.
- If Trump’s speech or other factors boost positive sentiment and demand, the limited supply could amplify the resulting price surge.
This fundamental shift in supply dynamics within the BTC market adds a layer of bullish potential regardless of external news.
Expert Price Analysis and Key Levels to Watch
Analyzing the current charts, traders note that Bitcoin is indeed compressing below the $96,000 resistance level. Popular analysts like AlphaBTC observe Bitcoin making “higher lows under 96K resistance,” suggesting building pressure for a potential breakout. They argue that repeated tests of the $95,000-$96,000 area increase the likelihood of a successful push through.
Key levels identified by analysts include:
- Immediate Resistance: $95,850 to $96,000. Clearing this is seen as crucial for continuation.
- Next Target: $100,000. This psychological level is a major objective if the price breaks resistance.
- Potential Downside Support: The 200-day simple moving average (SMA), located in the $89,500 to $91,000 range.
Fellow analyst Daan Crypto Trades echoes the observation of compression, stating the market is in a “waiting game” for direction. While short-term volatility around the speech is possible, many analysts maintain a positive outlook, with some predicting significantly higher prices in the medium to long term, like Peter Chung’s $210,000 target for 2025.
Conclusion: Navigating Uncertainty in the BTC Market
The immediate future for the Bitcoin price appears tied to the outcome of the anticipated speech by Donald Trump and its potential impact on crypto policy discussions. Combined with the bullish signal from significant BTC outflows from exchanges, the stage is set for a potentially volatile move. Traders should closely monitor the key resistance and support levels identified through price analysis. While a breakout above $96,000 could quickly lead to a test of $100,000, broader economic factors and the specifics of any political commentary will ultimately determine if this ‘compressing’ range resolves with an upward explosion or a more tempered reaction.
