Bitcoin (BTC) Price Analysis (May 8, 2025)
Price Performance
Current Price: BTC is trading at approximately $96,647.87 (average price).
24-Hour Movement: BTC is breaking high of $99,500.
Weekly Performance: BTC is up 8–12% over the past 7 days, recovering from a Q1 low of $74,000 (April 8). It remains 11.8–15% below its all-time high of $109,356 (January 20, 2025).
Monthly Trend: BTC has gained 2–5% over the last 30 days, driven by institutional inflows and regulatory optimism.
Market Capitalization: Approximately $1.85–$1.91 trillion, maintaining BTC’s dominance at 59.1% of the total crypto market cap ($2.8–$2.9 trillion).
Trading Volume: 24-hour volume is $78.06 billion, slightly down from yesterday but indicating robust liquidity.
Technical Analysis
Moving Averages:
50-Day SMA: Rising, projected to reach $110,439, signaling short-term bullishness despite today’s dip.
50-Day EMA: BTC is hovering near the 100-day EMA ($94,200), with a close below signaling potential bearish momentum.
Relative Strength Index (RSI):
RSI (14-day) is at 60–66, down from 66.14–70.46 yesterday, indicating neutral momentum after nearing overbought levels (>70). A drop below 60 could confirm a correction.
Support and Resistance:
Support: $92,265, $90,000, and $89,000 (January 2025 lows). The $90,000–$92,000 consolidation zone is critical, with $89,000 as a psychological level.
Resistance: $95,000, $97,996, and $100,000. A break above $99,000 could target $100,000–$104,550.
Stablecoin Bills:
Positive: The STABLE and GENIUS Acts could increase stablecoin trust, driving $230 billion in market cap to support BTC trading. utility coins like BTC will benefit from reduced memecoin noise.
Challenges and Risks
FOMC Fallout: A hawkish FOMC stance (May 7) could tighten monetary policy, triggering a 5–10% correction to $90,000–$89,000, as BTC correlates with risk assets.
Technical Risks: Rejection at $95,000 and a potential MACD bearish cross suggest a dip to $90,000 if momentum fades.
