Bitcoin BTC/USD has broken through $96,000 in Thursday trading and could be headed even higher, according to technical analysis.

What Happened: In his monthly market analysis podcast published on April 30, technical analyst Kevin highlighted that Bitcoi is nearing a potential breakout from its current consolidation at the golden pocket resistance zone.

This price between $94,410 and $95,581 is historically significant, and Kevin suggests a resolution is likely imminent, particularly with the help of favorable macroeconomic conditions.

He points to improving inflation data, a potential shift in Federal Reserve policy, and growing Bitcoin dominance as bullish signals.

Kevin also noted that Bitcoin dominance has risen for five consecutive months, a rare occurrence only seen once before in 2019.

If the Fed pivots on monetary policy, he believes it could trigger a rotation back into altcoins, breaking that streak.

Also Read: Sell Bitcoin, Ethereum, XRP In May And Go Away? Don’t Be So Sure In 2025, Expert Says

Why It Matters: The May 8 Fed meeting is widely seen as a pivotal moment.

Traders are watching closely for indications of rate cuts or changes in quantitative tightening, both of which could inject new momentum into crypto markets.

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Kevin highlights that core PCE inflation has now dropped to its lowest since August 2021, validating his long-standing thesis that inflation would continue to cool. Despite a weaker GDP headline, the Atlanta Fed's Q2 estimate is +2.4%, suggesting the economic backdrop may support risk assets like Bitcoin.

Meanwhile, altcoins are also flashing bullish signals.

Kevin notes that the Total3 altcoin market cap excluding BTC and ETH chart has formed a bullish engulfing monthly candle and held multiple key Fibonacci levels.

A breakout above $872 billion could spark a fresh leg higher for the broader crypto market.

What's Next: Market expectations for Fed policy have shifted dramatically, with the FedWatch tool now showing a 62% chance of a rate cut in June, followed by additional cuts in July and September.

While maintaining a bullish medium-term outlook, Kevin cautions traders about potential short-term volatility: “Until we break through this golden pocket durably and show follow through, you have to be a little cautious at this level." If Bitcoin fails to break out immediately, $88,000–$90,000 is the key support zone to watch before any move higher.

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