Bitcoin (BTC/USD) Market Eyes Retracement Before Continuing Bullish Momentum to $100,000
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Bitcoin Price Prediction – May 1
BTCUSD market eyes retracement before continuing bullish momentum to $100,000. A short-term pullback looms as the market seems to be in a distribution phase under the overbought indication.
The 9-day Simple Moving Average (SMA) is currently positioned around $94,240, acting as dynamic support beneath the current price of approximately $94,450. The Relative Strength Index (RSI) is at 65.75, suggesting a strong bullish momentum but also approaching overbought territory. The recent sideways RSI movement signals potential exhaustion among buyers, which could lead to a short-term pullback. This confluence of indicators points toward the likelihood of a corrective dip before further upward continuation.
BTC/USD Market Key Levels:
Resistance Levels: $95980, $100,000, $108,390
Support Levels: $85,010, $74,420, $66,780
Bitcoin – Daily Chart
The BTCUSD daily chart shows that the price is currently converging within a triangle pattern as the market becomes overbought.
BTCUSD is consolidating just below a key resistance zone near $95,980. The market has formed a minor ascending triangle, hinting at an eventual breakout; however, the presence of a Fair Value Gap (FVG) between $85,000 and $88,000 highlights a high-probability retracement zone.
Additionally, the support levels around $85,010 provides solid footing for any corrective wave. The price is also struggling to decisively break past $95,980, a level that previously served as a resistance during the March rally.
What is the likely projection of BTCUSD?
Looking ahead, if BTCUSD fails to breach the $95,980 resistance in the near term, a corrective move toward the FVG region around $85,000 is likely. This pullback would offer bulls a fresh opportunity to accumulate before a probable surge toward $100,000.
Should the price hold above $91,680 and bounce, bullish momentum could resume sooner, aiming for $100,000 and potentially $108,390 over the coming weeks.
Bitcoin – Four-Hour Chart
BTCUSD is showing signs of weakening momentum on the 4-hour chart, with price consolidating just below the $95,980 resistance level. The 9-period SMA at $94,890 is acting as near-term resistance, while RSI has declined to 50.66, reflecting fading bullish strength.
A break below the ascending trendline support could trigger a drop toward $91,680 and potentially $85,010. The presence of a bearish divergence and narrowing price action suggests a downward move is imminent.
Bitcoin (BTC) Current Statistics
The current price: $94,450
Market Capitalization: $1,910,000,000,000
Trading Volume: $30,810,000,000
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