As of May 7, 2025, the Bitcoin (BTC) price is around $96,803, with a daily fluctuation of about 2.8%, currently testing the key resistance level of $97,000.
Current Trend Analysis
The Bitcoin price recently found support in the $94,000 range and then rebounded above $96,500, breaking through the downward trend line resistance at $94,750.
Currently, the BTC price is above the 100-hour simple moving average (SMA), showing short-term bullish momentum.
However, the price encounters strong resistance around $97,000 and fails to break through effectively.
If this resistance level is not broken, it may fall back to $96,000 or lower.
Support and Resistance Levels
Key Support Levels: $96,500, $95,500, $94,500
Key Resistance Levels: $97,000, $97,750, $98,000
If the Bitcoin price breaks through the resistance level of $98,000, it may further rise to $98,800, and even challenge the psychological barrier of $100,000.
Technical Indicators
Relative Strength Index (RSI): Currently above 50, indicating mild bullish momentum.
Moving Average Convergence Divergence (MACD): Accelerating in the bullish zone, supporting the short-term upward trend.
Market Outlook
Bitcoin is currently facing key technical resistance levels, and investors should closely monitor the price levels of $97,000 and $98,000.
If the price breaks through these resistance levels, it may trigger further upward movement.
However, failure to break through could lead to a price pullback to support levels.