Bitcoin (BTC) is up 3.6% in the last 24 hours, breaking above $100,000 for the first time since February 3. This surge has reignited bullish momentum across the market and pushed institutional interest back into the spotlight.

From ETF inflows to massive corporate holdings, traditional finance is now driving the narrative around Bitcoin’s next move. As BTC eyes new highs, analysts are also watching key technical levels and a possible shift in dominance toward altcoins.

Institutions Take the Lead as Bitcoin Eyes New Highs and Altcoins Awaken

Bitcoin’s rally above $100,000 challenges long-held market frameworks and fuels widespread debate about what comes next.

According to CryptoQuant CEO Ki Young Ju, the traditional Bitcoin cycle theory is outdated as institutional players and ETF inflows reshape the ecosystem.

With companies like Strategy holding over $53.9 billion in BTC and spot ETFs bringing billions in net inflows, on-chain analysts are adjusting to a new regime led by TradFi liquidity.

Meanwhile, mixed sentiment in the options market and rising futures interest reflect a maturing asset, increasingly driven by macro forces and capital flows.

At the same time, momentum is shifting toward altcoins. Raoul Pal suggests Bitcoin dominance has peaked, triggering the “Banana Zone”—a phase of parabolic altcoin growth. CoinMarketCap’s Altcoin Season Index has moved out of “Bitcoin Season” territory for the first time in months, now sitting at 41.

Institutional participation remains strong, with BlackRock and Fidelity’s ETFs continuing to absorb capital.

Standard Chartered has doubled its bullish outlook, predicting a new BTC all-time high in Q2, fueled by ETF demand, sovereign fund adoption, and the Strategy’s plan to raise $84 billion, potentially pushing its Bitcoin holdings to over 6% of the total supply.

BTC Exchange Supply Stabilizes After Sharp Drop as Bullish Trend Holds

Between April 13 and April 25, Bitcoin supply on exchanges saw a sharp and consistent decline, falling from 1.49 million to 1.43 million BTC. This 60,000 BTC drop over just 12 days reflects one of the most significant outflows seen in recent weeks, suggesting strong accumulation behavior across the market.

A decreasing supply of Bitcoin on exchanges is generally seen as a bullish signal. It implies that investors are moving their BTC into cold storage or long-term holdings, reducing the amount available for immediate sale. Conversely, an increasing exchange supply can indicate rising sell pressure, as more BTC becomes available for potential liquidation—a bearish sign.

Since the sharp drop, the BTC supply on exchanges has stabilized at around 1.43 million. This consolidation suggests that investors are currently holding their positions rather than preparing to sell, which could support continued price strength in the near term.

The Ichimoku Cloud for BTC shows strong bullish momentum. The price is well above the green cloud (Kumo), indicating a clear uptrend.

The Tenkan-sen (blue line) and Kijun-sen (red line) slope upward, with the Tenkan-sen positioned above the Kijun-sen—another confirmation of bullish strength.

The Leading Span A (top of the green cloud) is above Leading Span B (bottom of the cloud), and the cloud ahead is thick and rising, suggesting strong support levels and continued trend strength.

The Lagging Span (green line) is positioned above the cloud, further supporting the bullish outlook. Unless the price closes below the blue Tenkan-sen or the cloud starts to thin or turn red, the bias remains strongly bullish.

Bitcoin’s Uptrend Intact, but $99,000 Support Must Hold

Bitcoin’s EMA lines currently signal strong bullish momentum, with the short-term averages positioned above the longer-term ones. If this upward trend holds, Bitcoin price could soon challenge the resistance at $106,296.

A successful breakout above that level may trigger a move toward $109,312, potentially opening the door for a historic test of the $110,000 mark for the first time.

However, if Bitcoin loses steam, the key level to watch is the support at $99,472.

A drop below could shift sentiment and push the price down to the next major support at $94,118.