#squarecreator - Bitcoin bulls prepare for resistance at USD 97K as gold falls 8% from its highs.

$BTC Bitcoin attempts to punish short sellers with increasingly higher highs on lower timeframes, trading alongside gold, which continues to follow commodities downward.

Bitcoin (BTC) gained 3% on May 1 as a new month saw shorts struggle to keep the price stable.

1-hour chart of the BTC/USD pair. Source: Cointelegraph/TradingViewBitcoin pressures shorts after daily gains of 3%

Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair reached USD 96,955 on Bitstamp, its highest level since February 22.

Getting closer to six figures, Bitcoin rose alongside U.S. stocks at the Wall Street open, while Microsoft gained 10%, becoming the world's most valuable public company.

In response, popular trader Daan Crypto Trades suggested that stocks might be about to resume a sustained upward trajectory.

"Stocks are trading in a key area here," he wrote in an ongoing analysis on X.

"I think the general rule is that if stocks trade back above the 0.618 Fibonacci retracement after a strong drop, it is considered that a bottom has been reached."

An attached chart showed that the S&P 500 was approaching monthly highs, showing a V-shaped recovery.

"Although $BTC has held up better lately, strong fluctuations in stocks should continue to influence BTC and cryptocurrencies. So keep an eye on this area," added Daan Crypto Trades.

Our colleague Skew observed the liquidity of the order books of the exchanges for signs of short-term movements.