As of May 8, 2025, Bitcoin (BTC) is trading at approximately $99,628, approaching the significant psychological threshold of $100,000. This upward momentum is influenced by expectations of a U.S. trade agreement announcement, which has bolstered investor confidence .
Current Market Overview:
Price Range: BTC has been fluctuating between $94,000 and $98,000 in recent sessions, indicating a consolidation phase .
Resistance Levels: Key resistance is anticipated at $100,000 and $107,000. A breakout above these levels could signal continued bullish momentum .
Support Levels: On the downside, support is observed at $92,000 and $85,000, which could serve as potential entry points in the event of a pullback .
Potential Trading Strategies:
1. Bullish Breakout Strategy:
Entry Point: Consider entering a long position if BTC decisively breaks above the $100,000 resistance level with strong volume.
Target: Aim for the next resistance level around $107,000.
Stop-Loss: Set a stop-loss just below $98,000 to manage risk.
2. Range Trading Strategy:
Entry Point: If BTC remains within the $94,000 to $98,000 range, consider buying near the lower bound and selling near the upper bound.
Stop-Loss: Place a stop-loss slightly below $94,000 to protect against a downside breakout.
3. Pullback Strategy:
Entry Point: In the event of a pullback to the $92,000 support level, look for signs of price stabilization before entering a long position.
Target: Target a return to the $98,000 to $100,000 range.
Stop-Loss: Set a stop-loss below $90,000 to limit potential losses.
