$BTC Technical analysis Update 👇🏻💥🚀

As of May 3, 2025, Bitcoin (BTC) is trading around $96,156, reflecting a robust 30% rebound from its April lows. This surge is attributed to heightened institutional interest and macroeconomic uncertainties, positioning BTC as a potential safe-haven asset.

Technical Overview:

• Trend & Patterns: BTC has broken out from a descending channel and pennant pattern, indicating bullish momentum. However, the Relative Strength Index (RSI) is approaching overbought territory, suggesting caution.

• Support & Resistance: Key resistance levels are at $100,000 and $107,000, while support levels to monitor during pullbacks are $92,000 and $85,000.

• Moving Averages: The 50-day and 200-day Simple Moving Averages (SMA) are trending upwards, reinforcing the bullish outlook.

Market Sentiment:

Analysts from Standard Chartered predict BTC could reach $120,000 in Q2 2025, driven by institutional investments and its growing appeal as a digital alternative to gold. Similarly, Anthony Scaramucci forecasts BTC hitting $200,000 by year-end, citing increased adoption and favorable regulatory developments.

Conclusion:

Bitcoin’s technical indicators and market sentiment suggest a bullish trajectory. However, traders should remain vigilant of potential pullbacks and monitor key support and resistance levels.