Bitcoin price forecast on Thursday May 1 reflects cautious optimism as BTC fails $96,000 breakout out test for the third day running.
Bitcoin stalls at $95,500 as resistance holds for third day
Bitcoin (BTC) faced firm resistance at the $96,000 mark on Wednesday, halting its short-term rally and confirming a sell-wall at $95,500 for the third consecutive session. The asset continues to oscillate near its all-time highs but has struggled to post a decisive breakout this week.
Market participants have been eyeing a sustained move above $96,000 as a trigger for renewed bullish momentum, but waning volume and macroeconomic caution have weighed down BTC price action.
Bitcoin price action | Coingecko
As of Wednesday’s close, BTC had posted a modest 0.4% gain over 24 hours and was up 0.7% on the week, according to CoinGecko. The global cryptocurrency market cap held at $3.04 trillion, reflecting a 2.8% daily gain, but much of the momentum remains concentrated in Bitcoin and Ethereum.
BTC dominance stands near 62%, as altcoins lag after the US SEC delayed verdicts on ETF filings till June.
BlackRock moves to tokenize $150B Treasury Fund via blockchain infrastructure
BlackRock has filed with the U.S. Securities and Exchange Commission (SEC) to create a blockchain-enabled digital share class for its $150 billion Institutional U.S. Treasury Money Market Fund. The new share class, named DLT Shares, aims to implement blockchain technology for recordkeeping and real-time ownership tracking on a distributed ledger.
BlackRock launched $150B Money Market Fund | April 28, 2025 | Source: SEC.gov
According to the filing, the fund will not use blockchain for managing portfolios or holding cryptocurrencies. Instead, DLT Shares will be structured to mirror existing shares while utilizing blockchain to improve settlement transparency and reduce administrative friction. The offering will be limited to institutional investors, with a minimum investment threshold set at $3 million.
BNY Mellon has been named as the primary infrastructure partner, responsible for integrating and maintaining the blockchain-based recordkeeping system. This development marks a significant step in the financial industry’s incremental adoption of blockchain—not through digital assets, but through tokenized infrastructure that supports legacy systems.
Although the product does not involve crypto exposure, its implications for market sentiment are far-reaching. Institutional adoption of blockchain-enabled infrastructure could legitimize the broader crypto ecosystem, offering tailwinds to assets like Bitcoin through narrative alignment and technological validation.
Looking Ahead: How will Blackrock’s $150B fund impact BTC price
The short-term outlook for Bitcoin remains cautiously optimistic, contingent on a clean break above the $96,000 resistance. BlackRock’s move to incorporate blockchain in one of its largest funds is likely to resonate positively among institutional investors and digital asset stakeholders—even in the absence of direct crypto exposure.
If BTC maintains support above $94,000 and manages a high-volume breakout past $96,000, the $100,000 target could come into play in the coming weeks. In the absence of major macroeconomic shocks or regulatory headwinds, blockchain adoption by traditional finance giants like BlackRock may provide a subtle but powerful bullish undertone.
Bitcoin price forecast today: Bulls eye breakout above $96K as RSI overheats, KC bands widen
Bitcoin price traded at $94,280 at press time after printing a narrow-bodied candle, extending its consolidation just below the $95,500 resistance. Price action over the past five sessions reveals a firm ceiling just under $96,000, where sell-side pressure continues to reject upside attempts.
Notably, Bitcoin remains within the upper range of the Keltner Channel bands, with the upper envelope at $95,414 now acting as the immediate upside threshold. A breakout and close above this level could trigger fresh momentum toward the $98,000–$100,000 range.
Bitcoin price forecast today | Source: TradingView
Bitcoin price forecast today leans bullish, supported by the relative strength index (RSI), which prints at 88.35—firmly in overbought territory. Historically, an RSI above 85 reflects sustained buying interest rather than an imminent reversal, especially when accompanied by stable or rising volumes, as seen here. The RSI moving average (RSI MA) below at 76.60 offers a lagging but firm bullish signal. Volume, while modest at 185 BTC, has been consistent, showing no signs of a selloff panic.
If Bitcoin price rejects the $95,400 upper KC band again, a corrective pullback to the $90,500 midline could be on the cards.
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ibrahim
Crypto analyst covering derivatives markets, macro trends, technical analysis, and DeFi. His works feature in-depth market insights, price forecasts, and institutional-grade research on digital assets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
