$BTC According to Coinmarketcap data, at 7:40 AM on May 8, 2025 (Vietnam time), the price of Bitcoin was trading at 96,972 USD, down 0.28% in the past 24 hours. The trading volume of the largest market capitalization cryptocurrency was 76.01 billion USD.

According to renowned analyst Rekt Capital, the Bitcoin Dominance index (BTC.D) - measuring the market cap proportion of BTC compared to the entire market - is currently at 64.82% and is expected to rise to 71% before reversing.

If the forecast is accurate, this will be a sign that the altcoin season may soon begin.

Although it has been rejected at the resistance area around 99,000 USD, Rekt Capital believes that Bitcoin still needs to maintain the support level of 93,500 USD to continue the upward trend on the weekly chart.

If this price area is breached, the positive trend will be broken. If it holds, BTC can continue to fluctuate and bounce back in the familiar range from 93,500 USD to 99,000 USD.

The analyst recalls a similar bullish pattern in April 2024 and believes that if Bitcoin repeats the old pattern, the price could reach a new all-time high.

Expected trajectory: Bitcoin will be rejected at 99,000 USD, the 93,500 USD level will become a support level, break through the 97,000 USD - 99,000 USD area, pause at 104,500 USD, and then reach a new peak.

According to an expert named Checkmate, Bitcoin is at a critical juncture: either continue the upward trend or create a "lower high" pattern - a sign of a bearish cycle.

Many Bitcoin buy positions are still at a loss if BTC cannot surpass the threshold of 95,000 USD, further increasing selling pressure and hesitation in the market.

Although sellers currently hold the advantage, the inflow of funds into Bitcoin ETF funds remains positive.