Bitcoin has recently demonstrated resilience, reclaiming the $85,000 mark as key stakeholders increase their holdings, signaling strong, long-term confidence in the cryptocurrency. Bullish speculative activity is increasing. Conversely, Ethereum finds resistance on upward-moving averages, indicating a more tentative sentiment for the world’s No. 2 cryptocurrency. Bullish sentiment is evident across the entire crypto market, powering all major tokens higher. Even legacy financial institutions such as Charles Schwab have been increasingly clamoring to provide their customers with access to crypto trading.

Bitcoin's Bullish Momentum

Bitcoin’s recent price recovery appears to have been buoyed by recent accumulation from Bitcoin’s notorious whale wallet holders. Wallets with 10 to 10,000 BTC now hold 67.77% of the total Bitcoin supply. These key stakeholders are true believers in Bitcoin’s long-term value. This concentration of ownership makes its price stability more impressive.

More importantly, the supply-demand dynamics for Bitcoin have recently shifted very favorably, setting up further price appreciation. Bitcoin’s supply-demand balance changed in its favor in the last few sessions, providing the basis for a rebound back toward $85,000. Since March 22, these big-time holders have added a combined total of more than 53,600 BTC – lending credence to the bullish picture.

Bitcoin's technical indicators present a mixed picture. Price has been trading over the long-term (200-day) Exponential Moving Average (EMA), indicating a long-term uptrend. Yet, it shies away from crossing above the 50-day EMA, indicating a potential short-term consolidation. Breaking the $90,742 resistance level might push Bitcoin to the important $100,000 psychological level.

Ethereum's Bearish Near-Term Outlook

Ethereum is in dire straits in the near term. At the moment, the cryptocurrency is trading under its 50-day and 200-day EMAs which indicates a bearish trend. Ethereum needs to reclaim $1,750 to change its trajectory. Such a move would likely help maintain an upward advance toward the 50-day EMA and possibly back strength to $2,000.

Should the Ethereum price climb above $2,000, the bulls might explore the $2,308 resistance barrier. Breaking through this resistance would be a big victory in restoring the momentum to the bulls’ favor. Until these levels are crossed, Ethereum’s short-term outlook is bearish.

Market Confidence and Regulatory Factors

Charles Schwab's anticipated entry into direct spot crypto trading underscores growing confidence in the crypto market's potential.

Schwab CEO expects to launch direct spot crypto trading w/in next 12mos… As I’ve said numerous times in past, spot crypto trading will be table stakes for every major brokerage. - Nate Geraci

Such a decision by one of the world’s largest financial institutions will go a long way in further legitimizing cryptocurrencies and attracting new investors.

Without regulatory certainty from the SEC and US policymakers, there will be no wider adoption. Providing a clear set of rules and regulations would lead to a consistent, stable, and predictable environment for crypto businesses. This reliability creates an environment for investment and ignites creativity within the industry. In the near term, Bitcoin’s price will be most impacted by the Bitcoin Act’s progress, ETF flows, and US economic indicators. Catch a glimpse of how these variables drive the market Watch Now.