#BTCPrediction
The action of the multiple time frame chart of Bitcoin continues to reflect bullish strength, particularly in the daily chart, where the asset maintains a strong upward trend that began in mid-April. Prices rose from approximately $74,434 to reach a local peak near $97,938 before entering a consolidation phase. Although volume has slightly decreased after the rally, the price structure remains constructive, showing no immediate signs of distribution. Key support is at $92,000, with resistance observed near $98,000. A breakout above this resistance with volume confirmation could catalyze a move towards the psychological level of $100,000.
The market is awaiting what the Fed may announce this Wednesday, May 7, 2025, where no immediate rate cuts are expected:
TIME (-5 UTC) WEDNESDAY MAY 7 CURRENT FORECAST
1:00 PM FOMC Statement
1:00 PM Interest Rate Decision 4.50% 4.50%
1:30 PM FOMC Press Conference
However, Jerome Powell's message regarding the number of expected cuts for 2025 will be key. This statement could trigger a strong reaction in risk assets, including BTC.
Simultaneously, the trade front is generating additional pressure. President Donald Trump has proposed a 100% tariff on foreign audiovisual products, while China demands that the U.S. unilaterally remove existing tariffs to initiate negotiations. Although Trump has shown willingness to soften his stance, the lack of concrete agreements adds uncertainty, affecting investor sentiment.
Support and Resistance:
Key Support: $92,000.
Key Resistance: $98,000.
Immediate Resistance: $95,000.
Major Resistance: $100,000.
Immediate Support: $92,204.
