On Friday, May 9, 2025, the BTC/USD currency pair is experiencing a notable rise, with the price of Bitcoin currently trading around $103,076, marking an increase of 6.24% from the previous day. This rise reflects a strong recovery after a period of decline, driven by strong inflows into Bitcoin exchange-traded funds (ETFs), which reached $117.4 million, indicating increasing interest from institutional investors.
From a technical perspective, the indicators suggest strong upward momentum. The Relative Strength Index (RSI) stands at 71, indicating that the market may be in overbought territory, while the MACD shows a bullish crossover, reinforcing expectations for further increases.
The price is expected to face resistance at the $107,000 level, and if this level is breached, the price may target $120,000. In the event of a correction, the key support level is at $100,000, followed by strong support at $92,000.
Considering these indicators, traders are advised to monitor the key support and resistance levels and make their decisions based on current market movements.
