In April, the price of Bitcoin rebounded significantly from $75,000 to $95,700, with a monthly increase of nearly 28%.
After completing a deep V reversal, the market entered a high-level consolidation phase, with the K-line pattern showing characteristics of a "flag" formation.
The main cost area of $84,500-$86,000 provides strong support, while the OBV indicator shows slowing momentum, the MACD indicator is in a converging state, and the RSI indicator remains neutral, indicating uncertainty in the short-term trend.
Currently, ETF funds continue to flow in rapidly, but implied volatility (IV) of options is declining, reflecting a cautious market sentiment.
From a technical analysis perspective, if Bitcoin can break through the resistance level of $96,000 with significant volume, it is expected to target the range of $102,000-$105,000, with ETF fund inflows and the continued entry of institutional investors potentially being key driving factors.
Conversely, if the price falls below the $90,000 mark, attention should be paid to the support areas of $88,000 and $84,500-$86,000, while being vigilant about potential shocks from macroeconomic risks.
As the battle between bulls and bears intensifies, Bitcoin's market in May may welcome a directional breakout, and the market is closely watching the subsequent trend developments.
