Key takeaways:

• Bitcoin’s price consolidates as the market awaits President Trump’s 100-day speech.

• Over $4.7 billion in BTC has been withdrawn from exchanges since April 22, reducing supply and boosting price sensitivity to demand.

• Trump’s crypto policy clarity could spark a BTC surge, but tariffs may cap gains.

• Traders say Bitcoin price must clear key hurdles above $95,000 before continuing the uptrend to $100,000 and beyond.

Bitcoin’s (BTC) price is consolidating in a tight range between $91,700 and $95,850, ahead of Trump’s 100-day commemorative rally.

Market awaits Trump’s 100-day speech

Bitcoin investors have adopted a wait-and-see approach ahead of US President Donald Trump’s speech to commemorate his 100th day in the White House on April 29. 

Crypto-related policies have been prominently featured so far in Trump’s second-term presidency, but markets await crypto-specific regulatory updates on his economic policies.

Clarity on his administration’s strategic Bitcoin reserve proposal could trigger a move toward $100,000. However, renewed focus on tariffs or aggressive budget cuts could weigh on broader markets and cap Bitcoin’s upside in the short term.

Cryptocurrency betting platform Polymarket predicts a 24% chance of Trump mentioning “crypto” or “Bitcoin” in his 100-day speech today. Data from the platform showed users had poured more than $1 million into bets on the event.

Trump’s rhetoric could drive short-term price surges, just like in the past. For example, Bitcoin’s recent recovery from $74,400 to $94,000 was partly fueled by Trump’s comments that tariffs on goods from China “will come down substantially.” 

While the speech may spark optimism and price spikes, broader market dynamics, including tariffs and global trade tensions, could temper gains, as seen with recent crypto market fluctuations.

Over $4.7 billion in BTC leave exchanges

Apart from possible positive comments from Trump, Bitcoin’s declining supply on exchanges supports the bullish case for a rally toward $100,000.

Investors have withdrawn over 50,500 BTC (worth $4.7 billion) from exchanges since easing macroeconomic tensions sparked a marketwide rally.

Lower exchange supply reduces available BTC for selling, amplifying price sensitivity to demand, which could rise after Tump’s speech.

When $100,000 BTC price?

Bitcoin price has been consolidating below the $96,000 level over the last seven days, as data from Cointelegraph Markets Pro and TradingView shows.

“BTC is slowly compressing and making higher lows under 96K resistance,” said popular Bitcoin analyst AlphaBTC in an April 29 post on X. 

Related: Bitcoin targets $115K as BTC supply metric nears ‘historic euphoria’ zone

As Cointelegraph reported, the $95,000 level is a key resistance that the bulls needed to overcome to secure the recovery.

“The more attempts into the $95K, the more likely it will push through,” AlphaBTC asserted, adding that the squeeze will likely take Bitcoin to the sought-after 100,000 level.

“I expect a bigger pullback, but probably not until 100K has been taken out.”

While making similar observations, fellow analyst Daan Crypto Trades said, “BTC Price is compressing again the past few days after the move back into the previous range.”

According to Daan Crypto Trades, a key level to watch on the downside is the 200-day simple moving average (SMA) within the $89,500 and $91,000 range.

Major resistance levels are the $99,5000 local high and “the big psychological $100K area,” the analyst explained, adding:

“Those are good levels to watch here in the intermediate term. Currently, it is just a waiting game of where this wants to head next in the short term.”

As Cointelegraph reported, healthy market fundamentals could propel Bitcoin price past $100,000 to new all-time highs.

Meanwhile, Peter Chung, head of research at quantitative trading firm Presto, has reiterated his prediction that Bitcoin will reach $210,000 in 2025.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.