⚈ Bitcoin is trading near $96,739 and aiming to break $100,000 soon.
⚈ Key levels to watch are $94,657 (support) and $97,828 (resistance).
⚈ High RSI suggests BTC may face short-term downside before another rally.
After threatening to end the bull cycle before coming close to the previously forecasted cycle tops near $200,000, Bitcoin (BTC) broke out in mid-April and is once again promising to reclaim the psychologically important $100,000 level.
Specifically, after falling to 2025 lows near $75,000 on April 7 and April 8, as Liberation Day tariffs pushed stock and cryptocurrencies lower, and bond yields and gold higher, BTC set an upward course and achieved a multi-month high above $97,000 on May 1.
The subsequent correction, as relatively mild as it has been, demonstrated that Bitcoin’s journey will not be smooth.
Indeed, the world’s premier cryptocurrency has entered a seemingly stable zone between $96,000 and $97,000 in the last 24 hours and is, at press time on May 2, changing hands at $96,739.
Bitcoin could see major price action if it hits these levels
Under the circumstances, Bitcoin is unlikely to make a major move unless it falls below the nearest support zone, $94,657, or above the resistance, $97,828.
Simultaneously, though a strong move beyond either of the barriers could lead to greater changes, it is relatively unlikely BTC will immediately be able to reclaim its past highs or crash to its recent lows.
The world’s premier cryptocurrency has been moving in bursts throughout the bull market, which started with a major Solana (SOL) rally in late 2023.
Examining the long-term charts reveals that most of the gains that eventually took Bitcoin to its all-time high (ATH) above $109,000 and, verily, to its current relatively high above $96,000 were achieved through short and strong upsurges followed by protracted periods of relative stagnation.
What will be Bitcoin’s next price move
Unless BTC makes a large move in the coming days, it could spend most of May trading within its current range, with any moves below the nearest support or above the resistance rapidly increasing pressure and returning it to the prevailing equilibrium.
Simultaneously, if Bitcoin’s price moves more, a downside appears more likely than an upside. The cryptocurrency’s relative strength index (RSI) came in at a high of 69.88, thanks to the strong rally in the previous two weeks, positioning BTC as dangerously overbought.
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