Report on Bitcoin (BTC) performance for this new week (May 5-11, 2025)
Market Overview:
Currently, Bitcoin (BTC) is experiencing notable volatility after a strong 2024, having surpassed the $100,000 mark for the first time, supported by positive momentum due to factors such as Donald Trump's victory in the U.S. elections and expectations of supportive policies for digital currencies, along with strong institutional flows through ETFs. However, the market remains susceptible to price corrections due to high volatility and technical indicators suggesting potential temporary declines.
Current Performance (as of May 5, 2025):
• Current Price: According to the latest updates, Bitcoin is trading around $96,262.14 to $98,591.08, with a market cap ranging from $1.90 trillion to $1.95 trillion.
• Previous Weekly Close: Posts on platform X indicate that Bitcoin closed last week (April 28 - May 4) positively above the $92,000 level, reinforcing the bullish outlook in the short term.
• Support and Resistance:
◦ Support Areas: The $95,400 level is considered major support, and breaking this level could open the door for a drop towards $94,200.
◦ Resistance Areas: Breaking the $95,486 level indicates the potential for continued upward movement, with possible targets between $123,000 and $128,000 in the medium term.
Technical Analysis:
• Current Trend: Bitcoin is trading within an ascending channel on the weekly timeframe, breaking a minor downward trend, reinforcing optimism about the continuation of upward momentum.
• Elliott Waves: Elliott wave analyses indicate the end of a previous corrective wave, with expectations of a potential new peak after a triple correction. However, a five-wave decline could be a negative indicator if it occurs.
• Market Indicators:
◦ BTC Dominance Index is stable above 64%, indicating continued positivity with an upward target of 65.41%.
◦ Analyses indicate the possibility of a slight correction during the new week (May 5-11, 2025) based on available information:
Market Overview
Bitcoin (BTC) is experiencing notable volatility after a strong 2024, having surpassed the $100,000 mark for the first time, supported by Donald Trump's victory in the U.S. elections, expectations of supportive policies for digital currencies, and institutional flows through ETFs. However, the market remains susceptible to price corrections due to high volatility.
Current Performance (as of May 5, 2025)
• Current Price: Bitcoin is trading between $96,262.14 and $98,591.08, with a market cap ranging from $1.90 trillion to $1.95 trillion.
• Previous Weekly Close: Closed last week (April 28 - May 4) above $92,000, enhancing short-term optimism.
• Support and Resistance:
◦ Support: $95,400 (major), and breaking this could lead to a drop towards $94,200.
◦ Resistance: Breaking $95,486 could push the price towards $123,000-$128,000.
Technical Analysis
• Trend: Trading within a weekly ascending channel, breaking a minor downward trend, supporting continued upward movement.
• Elliott Waves: End of a corrective wave, with expectations for a new peak after a triple correction. A five-wave decline could be negative.
• Indicators:
◦ Bitcoin Dominance: Stable above 64%, with a target of 65.41%.
◦ Expectations for a slight correction this week, with potential fluctuations in Bitcoin dominance, followed by an upward movement.
Weekly Forecast (May 5-11, 2025)
• Bullish Scenario: If Bitcoin maintains support at $95,400 and closes above $95,486, it may target $100,000 or higher, supported by market momentum and expectations of supportive crypto policies under Trump.
• Bearish Scenario: Breaking below $95,400 could lead to a drop towards $94,200 or lower, especially if coinciding with negative economic data or a general market correction.
• Influencing Factors:
◦ Macroeconomic Data: Federal Reserve decisions on interest rates may affect investor interest in Bitcoin.
◦ Market Sentiment: Institutional flows and expectations of regulatory policies under Trump may support the upward movement.
◦ Volatility: Technical indicators suggest a potential correction before a new upward wave.
Recommendations for Traders
• Short-term Traders: Monitor levels of $95,400 (support) and $95,486 (resistance). Target profits at $100,000 in case of an upward movement, with a stop loss below $94,200.
• Long-term Investors: Continue to hold (HODL) with expectations of higher prices (up to $123,000-$128,000) by the end of 2025, but diversify the portfolio to reduce risks.
• Risk Management: Do not invest more than 5-10% of your portfolio in Bitcoin due to high volatility.
Summary
Bitcoin is generally in a positive position this week, with a slight correction likely before resuming the upward trend. Key support and resistance levels will determine the short-term direction, while fundamental factors (such as regulatory policies and institutional flows) support long-term optimism. Closely monitor economic data and market movements to make informed decisions.
Note: Prices and analyses are based on data as of May 5, 2025, and may change based on market developments. Consult a financial advisor before making investment decisions.