Bitcoin BTC/USD is hovering near a major resistance level around $95,000. Analysts expect the upcoming Core PCE inflation report on Wednesday to be a potential catalyst that could push the apex crypto to new all-time highs.

What Happened: In a podcast on April 29, technical analyst Kevin highlighted a technical confluence near the $94,410–$95,581 range, where Bitcoin has temporarily paused after a 30% surge from recent lows.

"We're at the golden pocket, a major volume node, and the point of control," Kevin said, emphasizing the significance of the current level.

A close above the bull market support band, made up of the 20-week simple moving average and 21-week exponential moving average, adds bullish momentum.

Still, he cautions that short-term consolidation or a pullback remains possible before the next leg higher.

If Bitcoin retraces, Kevin sees $88,000–$90,000 as a strong support zone, aligning with the 0.5 Fibonacci retracement level, key moving averages and a CME gap near $91,600, which "fill 90+% of the time," adding further credibility to a potential revisit.

Inflation Catalyst

Kevin flagged Wednesday's Core PCE release, the Fed's preferred inflation gauge, as a potential inflection point.

Forecasts expect the number to drop from 0.4% to 0.1%. A cooler-than-expected print could heighten expectations for rate cuts, a move historically supportive of Bitcoin and broader crypto assets.

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“If we get a positive core PCE index number and it’s much lower than expected, the market is going to start sniffing out rate cuts coming by the Fed," Kevin added noting that monetary easing has been a key driver for crypto markets throughout this cycle.

Also Read: Watch This Bitcoin Indicator To Know If A Run To $100,000 Is Coming

What's Next: Kevin advises traders who went long near recent lows to consider hedging, rather than fully exiting positions.

"If you want some downside exposure, there's nothing wrong with a small, short here," he said, noting that such a move could offer protection while maintaining upside exposure.

He also points to a decline in USDT dominance, now hitting its bull market support band and 200-day EMA, as a bullish signal for crypto.

Negative money flow in USDT dominance suggests any uptick could be short-lived, further supporting continued momentum in Bitcoin.

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