Can BTC continue to rise? What are the resistance and support levels?
Currently very conflicted at $BTC , with both bulls and bears fighting fiercely around $97,000. From the data over the past 6 months, $97,500 and $98,900 are two major resistance levels, holding 309,000 and 198,000 BTC respectively. To break through, it relies on large capital and FOMO emotions to drive it. If it breaks $98,900, the resistance will be somewhat smaller, and $101,100-$105,000 is relatively easier to breach.
On the downside, there are 364,000 BTC stacked between $93,700-$94,700, which is a solid support level, and the average cost for short-term holders is also around $93,500. If it falls below $93,500, it could trigger a selling wave, with the next strong support at $83,000.
Currently, market fluctuations mainly depend on capital flow and sentiment. The Federal Reserve's interest rate meeting and Powell's speech early Thursday morning are key.
A rate cut in May seems unlikely, but whether Powell's speech is dovish or hawkish will directly affect market trends.
