Bitcoin soars past $96K and approaches $100K as a result of ETF inflows, Fed cut expectations, and renewed optimism.

With Bitcoin (BTC) and other major cryptocurrencies holding above significant resistance levels, the cryptocurrency market is booming on Friday and gaining significant upward momentum. After eight days of consolidation, the flagship cryptocurrency Bitcoin has finally broken out of its range. The price is currently moving close to $97,000 after above the crucial resistance level of $96,000.

On Friday, May 2nd, at 12 AM, Bitcoin was trading at around $96,872.40, up 2%.

In the last day, Bitcoin has fluctuated between $94,832.95 and $97,437.96, according to CoinMarketCap statistics. With the largest market capitalization, the most well-known cryptocurrency in the world trades for $31.97 billion per day. Bitcoin has a $1.92 trillion market value.

Piyush Walke, a derivatives research analyst at Delta Exchange, believes that Bitcoin may run into resistance above $107,000 and above $100,000, a crucial psychological milestone. A breakout above these benchmarks may indicate more bullish momentum.

In just 211 days, BlackRock's Bitcoin ETF amassed $40 billion in assets, proving that Bitcoin is a legitimate asset class. By 2025, massive inflows into Bitcoin ETFs are expected; potentially double their current levels, according to Walke. This institutional push might lead to a significant increase in the price of bitcoin.

As the economy contracts, the likelihood of a US Fed rate cut at the June FOMC meeting has increased from 57% to 60%, which Edul Patel, co-founder and CEO of Mudrex, says has further boosted investor optimism.

Patel claims that investors will be watching today's employment data, which might have an impact on the mood of the market in the near term. The next resistance level for the flagship currency is $99,300, while the support level is $94,500.