Bitcoin $BTC has spent the last 24 hours locked in a tense tug-of-war with the critical $96,000 resistance level, a technical and psychological barrier shaping its near-term trajectory. As of May 3, 2025, $BTC traded between $93,500 and $95,600, consolidating just below the $96K threshold amid mixed technical signals and shifting market sentiment.

Key Movements and Resistance Clash

$BTC opened the period hovering near $94,300, testing upward momentum early in the session. Buyers briefly pushed prices to $95,600, nearing the $96K resistance zone, but faced immediate rejection as profit-taking intensified. This aligns with on-chain data showing the Spent Output Profit Ratio (SOPR) rising to 1.04, signaling short-term holders cashing in gains after recent rallies . The $96K level remains a confluence of technical hurdles, including historical order book liquidity and Fibonacci extensions, which have repeatedly stalled bullish advances.

Technical Signals and Market Sentiment

Analysts highlight conflicting indicators:

  • Bullish Factors:

    The Relative Strength Index (RSI) held near 60, avoiding overbought territory, while Bitcoin’s close above the 200-day moving average suggested underlying strength .

  • Bearish Risks:

    The flattening On-Balance Volume (OBV) and increased exchange inflows (18,500 BTC moved to exchanges in 48 hours) hinted at mounting selling pressure .

The Fear & Greed Index

Climbed to 60 (greed), reflecting growing risk appetite, yet whale activity showed caution, with large holders hedging near $95K and short positions rising.

Support Levels and Macro Catalysts

Bitcoin’s immediate support rests at $93,000, a level defended by institutional bids on Binance futures . A breakdown here could trigger a slide toward $90,000, a psychological support zone. Conversely, a decisive breakout above $96K—backed by volume exceeding the 24-hour average of $32 billion—could reignite momentum toward $100K or even $106K, a target linked to ETF inflows and macroeconomic uncertainty.

Institutional and Macro Influences

Despite $3.02 billion in ETF inflows this week, Bitcoin’s price stalled below $95K, underscoring market hesitation . Macro factors, such as Federal Reserve policy shifts and global trade tensions, add volatility, with traders closely monitoring central bank cues for directional clarity .

Conclusion

Bitcoin’s dance with the $96K resistance underscores a market at a crossroads. While technicals favor a bullish breakout if momentum accelerates, profit-taking and macroeconomic headwinds threaten a pullback. Traders await a decisive close above $96K or a breakdown below $93K to confirm the next major move. For now, BTC remains a battleground between bullish ambition and technical reality.