Bitcoin Price Forecast Today April 29, 2025: BTC Aims for $97,000

Bitcoin (BTC) prices stabilized above $94,000 yesterday, after rising 10% last week. Strong institutional demand has supported the rally, with US spot Bitcoin ETFs recording inflows of $3.06 billion last week, the highest since mid-November. A break above $95,000 could see Bitcoin aiming for a new target of $97,000.

According to data from SoSoValue, inflows into spot Bitcoin ETFs have reached levels comparable to the US presidential election in November.

QCP Capital's report shows that Bitcoin's current rally is more firmly supported than previous cycles thanks to the increasing participation of traditional financial institutions, instead of relying on speculative leverage as before.

Another notable development is that Arizona could become the first US state to hold Bitcoin as a reserve asset. If the Arizona House of Representatives passes two bills, SB1373 and SB1025, it would pave the way for Bitcoin to be included in the state treasury, setting a precedent for other states like New Hampshire and Texas.

Technically, Bitcoin price broke above the 200-day EMA at $85,000 last week, up more than 11% as of Friday. However, BTC failed to close above the March high of $95,000 and is approaching this resistance again.

If Bitcoin closes daily above $95,000, the uptrend could consolidate and BTC could move towards testing the $97,000 region. The RSI is currently at 67, below the overbought level, suggesting a temporary slowdown in the upside momentum. If it fails to break above $95,000, Bitcoin could correct to support around $90,000.