Technical Analysis of Bitcoin (BTC) – May 7, 2025

Current Price: $96,854

Daily Change: +2.21%

Annual Change: +53.32%

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Technical Indicators:

RSI: Moderate momentum indicating a balance between buying and selling forces.

MACD: Negative crossover indicating a potential slowdown in upward momentum.

Bollinger Bands: Price is moving near the upper limit, indicating a strong upward trend.

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Support Levels:

$94,000 – Short-term technical support.

$90,000 – Important psychological and technical support.

$88,800 – Strategic support in case of continued correction.

Resistance Levels:

$97,000 – Current resistance.

$100,000 – Major psychological barrier.

$109,000 – Historical peak (January 2025).

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Potential Scenarios:

Bullish Scenario: If the price breaks above $97,000, we may see continued upward movement towards $100,000 and then $109,000.

Bearish Scenario: Breaking the $94,000 level could push the price down to $90,000 and then $88,800.

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Conclusion:

Bitcoin shows clear upward momentum supported by price increases and trading volume, but the upcoming decision by the U.S. Federal Reserve could be a pivotal point for future market movements. It is advisable to monitor support and resistance levels and make informed decisions.