Bitcoin could face resistance around $84,000, but if it breaks through, the next major hurdle sits at $96,000, according to CryptoQuant
CryptoQuant analysts said in an April 10 markets report that if Bitcoin
“continues to rally,” it could hit resistance around the $84,000 price level, but if it breaks through, it could soar before its next resistance level of $96,000.
“These price levels have acted as price support during this bull cycle but can now act as price resistance if bullish conditions don’t continue to improve,” CryptoQuant said in its report. “This has been the case in past bearish cycles.”
Bitcoin was trading at $79,474 at the time of publication, down 3.5% over the past day, according to CoinMarketCap data.
Bitcoin briefly rose above $85,000 on April 1, but it pulled back to around $76,000 by April 8 due to uncertainty surrounding Trump’s tariff plans.
CryptoQuant said prices recovered “most of the lost ground” on April 9, after Trump announced the 90-day pause on tariffs to all countries except China, which have now been ramped up to 145%.
After Trump’s tariff pause announcement on April 9, both the crypto and broader financial markets saw a wider surge.
Bitcoin surged by approximately 9%, reversing most of the losses it incurred earlier in the week, to retest $83,000. Meanwhile, the S&P 500, which tracks the 500 largest public US companies, closed 9.52% higher, its third-largest single-day gain since World War II. The Nasdaq 100 posted a 12.02% gain over the trading day.
Abra Global CEO Bill Barhydt said in an April 10 X post that it may only be a matter of months before Bitcoin sees its price go almost 29% above its $109,000 all-time high set in January.
“Bitcoin is a levered bet on tech stocks, and all of it is going up and to the right,” Barhydt said, adding that Bitcoin may go as high as $130,000 to $140,000 by late June.
He pointed to the “very significant increase in global money supply” as the reasoning behind his claim that Bitcoin could reach significantly higher levels by “midsummer at the latest.”
It echoes a similar sentiment to Real Vision chief crypto analyst Jamie Coutts, who told Cointelegraph last month that “the market may be underestimating how quickly Bitcoin could surge — potentially hitting new all-time highs before Q2 is out.”
However, according to CryptoQuant’s Bull Score Index, Bitcoin has been in one of its least bullish phases since November 2022.
CryptoQuant said that of the 10 bull signals it tracks in its Bull Score Index, only one is still active, with Bitcoin trading above its 365-day moving average.
It said the market needs to wait and see if the bull signals “switch back on” in the coming weeks following Trump’s recent decision to pause his tariffs.
In a debate prior to the vote, Democrat Representative Terry Spahr argued that the bill is unnecessary and could undermine the future security of the state’s digital assets stockpile.
“Unbeknownst to the committee and to the sponsor […] the treasurer testified that they already have that authority,” Spahr said. He added that cryptocurrency is “constantly shifting and changing, and it’s sort of dangerous to be kind of locked into certain types of security measures, and I think that bill does this.”
Republican Representative Jordan Ulery countered that the bill was necessary as it could create the “potential for a large amount of money being earned by the state in these investments.”
New Hampshire has two other blockchain-related bills working their way through the legislature — HB310, which covers stablecoins and real-world asset tokenization (RWA) and HB 639, which deals with blockchain regulation and dispute resolution.
Meanwhile, on April 10, Florida’s House Insurance and Banking Committee passed the state’s Bitcoin reserve bill, HB487, with a unanimous vote.
The bill has three committees to clear before it progresses to Florida’s House.
Similar to New Hampshire’s bill, HB487 would allow Florida’s chief financial officer and the State Board of Administration to invest up to 10% of certain state funds — including the General Revenue Fund and the Budget Stabilization Fund — into Bitcoin.
The bill’s sponsor, Republican Representative Webster Barnaby, pleaded with the Committee before the vote “to vote up on this very important bill,” which he claimed would “put Florida in the leading edge of this very new technology.”
Florida’s bill gives the state’s financial chief the ability to invest in digital assets directly, through certain qualified custodians, or through exchange-traded products and details security and custody requirements.
According to Bitcoin Laws, which tracks the progress of digital assets legislation, Arizona is currently leading the race to become the first US state to establish a strategic Bitcoin reserve.
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