- Bitcoin’s price holding above $78K is crucial for further bullish momentum, with $100K as the next potential target.
- Support levels at $78K and $73K are key for Bitcoin’s future moves, with deeper corrections possible if broken.
- Bitcoin’s rally aligns with global M2 money supply growth, suggesting a potential surge as M2 expands in early 2025.
As of early April 2025, Bitcoin (BTC) is trading at about $82,427, marking a pivotal moment. Recently, there has been a lot of volatility in the cryptocurrency, with both powerful rallies and abrupt corrections. There is a chance for more growth if Bitcoin is able to stay above $78,250. However, the following support level at $72,673 can be relevant if it closes below this level.
Price Action and Support Levels
As per Egrag Crypto, Bitcoin’s recent price behavior has been characterized by a steady rise, followed by retracements. Since late 2023, Bitcoin saw a strong upward trend, peaking near $80,318 before facing resistance. Moreover, analysts suggest that the key support at $73,015 could act as a safety net if the price drops further. If Bitcoin breaks this support, $64,885 might serve as another important level to watch. The overall trend remains bullish, with higher lows being formed along the blue ascending channel.
Critical resistance levels, such as $85,316, $88,000, and $90,582, were tested by the price. Fibonacci projections indicate that a price rise could occur if these levels are broken, with goals of $103,178 and $127,521. For this reason, traders are keeping a watchful eye out for any indications of a breakout or a more correction.
Bitcoin’s Correlation with Global M2 Money Supply
Moreover, analyst Titan of Crypto compares Bitcoin’s price with the Global M2 money supply revealing a strong correlation between the two. As M2 expands, Bitcoin tends to rally, with delays of a few weeks or months. The most recent M2 expansion phases in early 2025 suggest a possible rally for Bitcoin, making this an essential factor for traders to monitor.
