Bitcoin (BTC) continued its recovery on Wednesday, adding another 1.5% to local highs around the $101,700 mark.

Bitcoin price pushes above $100,000 again as IBIT fund sops up crypto

Bitcoin (BTC) continued its recovery on Wednesday, adding another 1.5% to local highs of $100,400.

The world’s leading cryptocurrency had risen ten percent in the past seven days, fueled largely by U.S. institutional demand.

Despite a brief foray below $90,000 in late April, the flagship cryptocurrency had remained in a broad range-bound pattern since March.

However, consistent inflows into spot Bitcoin ETFs, notably BlackRock’s IBIT fund, and a lack of selling pressure at lower levels had paved the way for a gradual recovery.

This was evident as IBIIT saw another seven days of inflows, to the tune of $1.03 billion, according to data from Farside Investors.

Bitcoin price edges closer to ATHs as bulls take aim at $130,000

Bitcoin was gradually approaching its all-time high of $109,588, reached in November 2021.

A measured advance by the bulls, who seemed in no rush to book profits, saw the price slowly inching towards that level.

With the Relative Strength Index (RSI) on the 4-hour chart now in overbought territory, some technical indicators suggested a period of consolidation or a minor pullback could occur.

Any such move lower should find support at the $100,000 level or the 20-hour exponential moving average (EMA), currently around $96,626.

A strong rebound off this support zone would increase the probability of a breakout above $109,588, setting the stage for a move towards $130,000.

However, bears still had a window to take control.

A swift and decisive break below the 20-hour EMA could trigger a sharper decline, targeting the 50-hour simple moving average (SMA) near $88,962.

On shorter timeframes, strong selling pressure was expected in the $107,000 to $109,588 zone.

A successful defense of the 4-hour 20-EMA on any dip would signal continued bullish strength, while a break below $100,000 could open the door for a deeper correction towards $93,000 or even $83,000.

Ether price surges rapidly as buyers keep chasing higher

Ether (ETH) experienced a dramatic surge, catapulting from $1,808 on May 8 to $2,600 by May 10, showcasing aggressive buying pressure.

This rapid ascent also pushed its RSI into overbought territory, suggesting a potential period of consolidation or minor pullback.

Key support levels to watch on the downside were $2,320 and then $2,111.

If Ether found support at these levels and turned higher, the ETH/USDT pair could extend its rally towards $2,850 and subsequently aim for the $3,000 mark.

However, a break below the $2,111 support would invalidate the immediate bullish outlook, potentially leading to a period of range-bound trading between $1,754 and $2,600.

On the 4-hour chart, bulls managed to push above the $2,550 resistance but struggled to sustain those higher levels.

A positive sign was that buyers hadn’t conceded much ground, suggesting they anticipated further upside.

A break above $2,609 could trigger the rally towards $3,000, while a drop below the 4-hour 20-EMA might initiate a deeper correction towards the $2,111 support.

Dogecoin price breaks resistance, signals trend change

Dogecoin (DOGE) showed a significant short-term trend change by soaring above the $0.21 overhead resistance on May 10.

The rally is currently facing selling pressure near $0.26, which could lead to a retest of the $0.21 breakout level.

If DOGE rebounds strongly from $0.21, it would indicate a shift in market sentiment from “sell the rally” to “buy the dip,” increasing the likelihood of a continued advance towards $0.31.

To negate this bullish momentum, sellers would need to pull the price back below the 20-day EMA (around $0.19).

Such a move could trap DOGE within a larger trading range between $0.14 and $0