Bitcoin has stabilised around $96,251.58, nearing critical resistance at $100,000. The RSI indicates it’s close to overbought territory yet still has growth potential. Market dynamics, influenced by trade tensions and corporate earnings, are contributing to cautious movements. Key support and resistance levels are set, but Bitcoin needs strong buying pressure to breach the $100K threshold soon.
Bitcoin has shown little movement over the weekend, closing in on a crucial resistance level. As of now, Bitcoin is trading at $96,251.58, and the market sentiment is being shaped by recent trade updates and corporate earnings. The relative strength index (RSI) is at 67.87, signalling that Bitcoin might be reaching overbought territory. However, there’s still room for growth as speculative eyes aim for the exciting $100,000 mark.
Market analyst Daan Crypto Trades pointed out Bitcoin’s price stability during this quiet weekend, attributing the calm to the saturation of important news about trade tensions and corporate results. A significant nine-day winning streak in the U.S. stock market—its longest in over twenty years—suggests a calm before potential pricing storms. It’s expected that Bitcoin will face conservative movements for the immediate future, yet upcoming events might push it closer to that elusive $100,000 target.
As per CoinMarketCap’s latest figures, Bitcoin has dipped slightly by 0.34% over the past day, with its current price at $96,251.58 on May 3. The RSI remains a telling sign of investor sentiment—it’s creeping towards that overbought boundary yet shows potential for more upward momentum.
Delving deeper, the Moving Average Convergence Divergence (MACD) indicator reveals bullish signals. The MACD line, currently at 3,153.82, sits above its signal line at 2,688.95. But a tightening gap between BTC’s moving averages is indicative of escalating selling pressure, which could hinder Bitcoin’s price increases in the near term.
Bitcoin has also crossed above a key Fibonacci retracement level at 79,238.75, hinting at a potential breakout if it can consistently close above 96,028.45. Maintaining daily price closings above this number could pave the way for Bitcoin to achieve new peaks beyond its record opening prices.
Potential sellers also have to keep an eye on vital support levels, should a market dip occur. The Fibonacci level at $90,987.26 is key, and if it falters, there are additional support zones at $87,868.57 and $85,347.98. The past week saw Bitcoin gain 2% as optimism grows around pro-crypto policies from potential future leadership under Trump and the rising tide of spot Bitcoin ETFs.
Despite nearing $100,000 at one point, Bitcoin has yet to conclusively break that barrier. Achieving a robust breakout requires a steady influx of market buying, which is crucial for overcoming current resistance levels. Only consistent buying pressure can drive Bitcoin’s price direction in a positive upward trend.
