Buying power drives Bitcoin up
BTC Analysis: May 8, 2025 Daily Chart
The big coin has finally rallied to around 98,800. It started to strengthen again after yesterday, briefly breaking above 99,000 USD. This is also the pressure zone around 98,800 that Sister Sheng has mentioned multiple times before. We need to see if it can stabilize effectively here. If it cannot break through effectively, there is still a risk of a downward trend!
In terms of movement:
From the four-hour chart, we can see that after breaking through the pressure at 92,000, it stabilized and effectively consolidated for a while, and has begun to push up towards the pressure level of 98,800 again. Next, we need to see if there can be an effective breakthrough, with the next strong pressure point appearing around 102,000.
Yesterday's short positions were also almost at the expected position, but they were stopped out for breakeven! We will observe if there can be a pinbar situation below; no pinbar, no entry!
