Bitcoin (BTC/USD) Market Holds Bullish Momentum Above Key Support Levels
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Bitcoin Price Prediction – May 8
BTCUSD market holds bullish momentum above key support levels. A short-term pullback though is likely as the market seems to be reaccumulating for more rally.
The BTCUSD daily chart shows a strong bullish setup confirmed by technical indicators. The 9-day Simple Moving Average (SMA) is sloping upward and currently sits around $95,620, which serves as dynamic support. Price is trading above this SMA, reinforcing a bullish outlook. Additionally, the Relative Strength Index (RSI) is at 66.35, near overbought territory but still signaling strength and buyer dominance. The RSI has remained above the neutral 50 mark, suggesting sustained momentum.
BTC/USD Market Key Levels:
Resistance Levels: $95980, $100,000, $108,390
Support Levels: $85,010, $74,420, $66,780
BTC/USD – Daily Chart
The BTCUSD daily chart shows that the market is in a reaccumulation phase.
Looking at price action, BTCUSD recently broke structure to the upside, indicating a change of character (CHOCH) and a bullish trend continuation. The significant swing low around $74,420 acted as a springboard for the rally.
Price has now filled a previous imbalance and left a “liquidity void” between $91,690 and $95,620, suggesting a potential retracement zone. The market printed a higher high near $97,740, confirming bullish structure, and buyers have maintained control above the $91,690 level.
What is the likely projection of BTCUSD?
The projection indicates a bullish continuation with an immediate target at $100,000, which represents psychological and structural resistance. A minor pullback is anticipated into the liquidity void, possibly down to the $90,000 region before resuming the uptrend.
If bullish momentum continues and price breaks and holds above $100,000, the next major target lies at $108,390. As long as the structure remains intact and price stays above the $90,000 zone, BTCUSD is likely to trend higher in the medium term.
BTC/USD – Four-Hour Chart
BTCUSD is showing signs of weakness on the 4-hour chart after failing to break and hold above the $98,000 level. The RSI is at 61.49, indicating a potential bearish divergence as momentum slows near resistance.
Price is currently hovering above the $95,490 9-period SMA, but a close below could trigger further downside. A break below the $92,910 weak low would likely open the door toward $90,000.
Bitcoin (BTC) Current Statistics
The current price: $96,920
Market Capitalization: $1,960,000,000,000
Trading Volume: $49,200,000,000
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