Market Price and Momentum:
The current price of Bitcoin is around $94,537.21 USD (approximately IDR 1.55 billion assuming an exchange rate of IDR 16,450 per USD), based on data from X. This price indicates that Bitcoin is still below the key resistance level of $96,000–$98,000.
Bullish momentum remains, driven by whale accumulation (large investors) and positive sentiment from institutional inflows, although it is not yet strong enough to break through $100,000.
However, there are signs of a potential short-term correction. Some technical analyses, such as bearish divergence on the 4-hour timeframe and movements below the middle line of the Bollinger Band, indicate a possible temporary decline towards the support levels of $87,400 or even $86,500 if selling pressure continues.
Technical Indicators:
RSI (Relative Strength Index): At a neutral level (~57), indicating that the market is not in an overbought or oversold condition, allowing room for movements in either bullish or bearish directions.
Bollinger Band: On the 4-hour timeframe, the price of Bitcoin is moving around the middle and lower Bollinger Band, which could signal potential corrections or consolidations before the next major movement.
MACD and Divergence: There is a bearish divergence signal on the 4-hour timeframe, indicating weakening upward momentum. This reinforces the potential correction towards the support zone.
Driving Factors:
Whale Accumulation: On-chain data shows that whales continue to accumulate Bitcoin, with over 129,000 BTC purchased since the March 2025 correction. This is seen as a long-term bullish signal.
ETF Inflows: Although U.S. Bitcoin ETF inflows are beginning to show signs of recovery, the volume is still below the 2024 peak, indicating a lack of strong institutional push to break through $100,000.
Market Sentiment: The Crypto Fear and Greed Index is at 55, reflecting neutral to slightly optimistic sentiment.
External Factors: The market is awaiting U.S. macroeconomic data, such as the PCE inflation report and The Fed's interest rate decision, which could impact sentiment towards risk assets like Bitcoin.
Key Levels to Watch:
Resistance: $96,000, $98,000, and $100,000. A breakout above $96,000 could trigger FOMO (fear of missing out) and push the price towards $100,000.
Support: $87,400 (near the bullish trend line and 100-hourly SMA), $86,500, and $84,500. A drop below $87,400 could accelerate the correction towards lower support zones.
Potential Breakout: If Bitcoin manages to break through $100,000, some analysts predict a potential rise towards $110,000 or even $150,000 in the summer of 2025, especially if ETF inflows increase.
Sentiment at X:
Some analysts at X highlight the potential for a short-term correction due to weakness on the weekly timeframe and bearish divergence. However, there are also those who are optimistic due to whale accumulation signals and long-term bullish trends.
Volatility is expected to increase due to the expiry of large options, which could trigger a small correction before continuing the upward trend.
Conclusion:
On May 6, 2025, Bitcoin shows mixed signals. Long-term bullish momentum remains strong, supported by whale accumulation and positive market sentiment. However, short-term technical indicators suggest a potential correction towards the support level of $87,400–$86,500 before attempting to break through $100,000. Investors are advised to monitor key levels, RSI/MACD indicators, and U.S. macroeconomic developments. Always conduct your own research (DYOR) as the crypto market is highly volatile.
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