Bitcoin Price Approaches All-Time High with Latest Market Moves

Bitcoin currently trades at $101,251 with just 7.44% to reach its all-time high. The market capitalisation stands at $2.01 trillion and trading volume is $58.84 billion. Despite recent bullish momentum and increasing institutional interest, market indicators are mixed, signalling both optimism and caution.

As of May 8, 2025, Bitcoin is trading at $101,251, which positions it just 7.44% away from hitting its all-time high. The crypto has a market capitalisation of $2.01 trillion and saw about $58.84 billion in trading volume over the last 24 hours. Bitcoin’s technical landscape appears complex yet bullish, with intraday price fluctuations recorded between $95,967 and $101,711.

Analyzing Bitcoin’s daily chart reveals strong bullish momentum after breaking out from its previous consolidation range. This bullish move appears solid, evident by increased trading volumes backing the upside shift. Current support levels hover between $93,000 and $95,000, while resistance is expected just above $102,000. Many traders might look for entry points on pullbacks within the $96,000–$98,000 range, especially with stop-loss orders positioned below $94,000 to manage risk.

On the four-hour chart, we see a notable V-shaped recovery beginning from $93,376—fueled by dynamic buying and a series of upward-moving candles. Continued trading has spurred a renewed surge in volume, indicating growing investor interest, though a resistance level at $101,711 is currently blocking further gains. Significant support can be found between $97,000 and $98,500, with promising entries potentially emerging near the $99,000–$99,500 bracket, provided a bullish reversal candle emerges. Yet, repeated rejections here may spur traders to take profits or exit cautiously.

Switching to the one-hour chart, Bitcoin seems to be consolidating modestly after a spurt of activity. Although there was heightened volume during the breakout, this has tapered off, hinting at waning momentum. Immediate support sits around $100,500, with deeper levels extending to about $99,800. Day traders may find opportunities to scalp small gains from bounces at these support levels, keeping tight stops under $99,500.

When examining market indicators, oscillators are sending mixed signals, though slightly favouring continued upward movement. Currently, the relative strength index (RSI) sits at 73, while the Stochastic is at 88, with the commodity channel index (CCI) showing a robust level at 158. The average directional index (ADX) at 31 presents a neutral view, alluding to a potential pause before Bitcoin’s next move. On the other hand, indicators like the Awesome oscillator at 7,241 and the MACD at 3,121 are signalling bullish momentum, suggesting the market still leans toward growth.

Moving averages across various timeframes are harmoniously bullish. Coinciding signals from both exponential moving averages (EMA) and simple moving averages (SMA) at several intervals—10, 20, 30, 50, 100, and 200—highlight positive sentiment. For instance, the EMA (10) stands at $96,391, while the SMA (10) is at $96,218, reinforcing the notion that any possible retracements may be brief within a predominantly bullish context.

As for the reasons behind Bitcoin’s surge, some attribute it to big institutional investments, while others point to improving trade agreements. Sui Chung, CEO of CF Benchmarks, commented that this recent trek upwards is significantly influenced by institutional investor interest. He noted, “Bitcoin’s rally stems not just from price movement but a shift toward more bullish institutional sentiment, reflected in volatility metrics and the derivatives market.”

Chung further explained, “The Bitcoin Volatility Index (BVX) has dropped over 20% in the last month, suggesting higher prices coincide with a compression of the market’s implied risk premium. Observational patterns indicate that recent rallies have been tightly linked to increased volatility. However, the current inverse trend suggests a more stable market with informed investor behaviour.”

The bullish sentiment is contingent on Bitcoin holding the $99,000–$100,000 support range alongside confirming volumes across higher timeframes, which could pave the way to retest or even exceed previous highs. With key moving averages signalling continued upward momentum and oscillators flashing buy alerts, the outlook remains optimistic.

Nonetheless, if Bitcoin cannot maintain the support at $99,000–$100,000, especially amidst declining volumes and any failure to retest the $101,700 resistance, we might see a more significant downturn, possibly down to $95,000 or below. It’s crucial now, as oscillators are oscillating in neutral territory, suggesting some caution as buying interest might start to wane if key support levels falter.