Bitcoin has surged over 4% to surpass $97,000, experiencing a minor pullback as traders assess the market. Analyst IT Tech highlights crucial price levels, suggesting cautious bullish sentiment with support around $96,000. Liquidation zones have been identified at $95,200-$96,000 and $93,600-$94,000, while there’s potential for Bitcoin to reach as high as $150,000, amid bullish trends and ETF inflows.
Bitcoin is currently navigating a crucial phase, maintaining its bullish trend from April. The cryptocurrency surged by over 4% in the first two days of May, surpassing the $97,000 mark. However, following this upswing, the market appears to be in a slight retracement, leaving investors pondering the next steps. Analyst IT Tech, on X, shared insights into Bitcoin’s market condition, emphasising key price levels that could influence short-term movements.
After the jump in price from $93,600 to over $97,000, IT Tech noted that Bitcoin seemed to be taking a breather. Traders are now closely watching whether this pullback is a temporary lull before another rally or an early sign of more profound corrections. The analyst provided technical and on-chain insights, helping to map out potential price targets.
Notably, the Bitcoin SuperTrend Indicator flashed a buy signal when prices hit $94,000, only to generate a sell signal at $97,300. Yet, as prices remain above $94,000, this indicates that the market structure retains its bullish stance. Moreover, liquidation data points out possible volatility zones. In particular, there are significant long liquidation areas between $95,200 and $96,000, alongside another cluster at $93,600 to $94,000; both could provide strong support levels if the prices start to decline.
IT Tech further highlighted that as long as Bitcoin’s support holds at $96,000, market sentiment remains cautiously optimistic. A significant drop below this support could trigger a wave of liquidations, likely pushing the price back down to $94,000. Conversely, a breakout past the $97,400 level could propel Bitcoin towards $98,500.
As of now, Bitcoin is trading at $96,463, reflecting a 1.64% gain over the past week, although trading volume has dropped by 21.82%, standing at $26 billion. The overall environment remains bullish, bolstered by recent news such as increasing Bitcoin Spot ETF inflows. Additionally, the US’s move towards negotiating a new trade agreement with China could alleviate concerns over international trade tariffs.
In light of this bullish momentum, analysts continue to publish optimistic forecasts, with some predicting price targets soaring as high as $150,000 in the near future. The market is indeed exhilarating, and Bitcoin’s trajectory remains one to watch closely.
