$BTC

Today, Friday, May 9, 2025, Bitcoin (BTC) is experiencing significant bullish momentum and is trading around the $103,000 - $104,000 range. Here's a breakdown of the current outlook:

Current Price and Recent Performance:

* Live Price: Around $102,900 - $103,400 (fluctuating).

* 24-Hour Change: Up by approximately 3% - 4%.

* 7-Day Change: Up by around 6% - 7%.

Key Observations and Analysis:

* Bullish Momentum: The overall sentiment is bullish, with Bitcoin reclaiming levels last seen in early February 2025.

* Breaking Resistance: BTC broke above the daily resistance level of $97,700 on Thursday and closed strongly.

* Targeting Higher Levels: Analysts suggest that if the upward trend continues, Bitcoin could target the psychological level of $105,000 before potentially reaching its all-time high (around $109,000).

* Strong Buying Interest: Data indicates strong buying from institutional investors and significant inflows into spot Bitcoin ETFs are fueling the price surge. Wallets holding between 10 and 10,000 BTC are also reportedly accumulating, indicating positive sentiment among larger holders.

* Technical Indicators: The daily Relative Strength Index (RSI) is above 70, indicating strong bullish momentum, although some analysts note it could also suggest overbought conditions in the short term. The 50-day and 200-day moving averages are sloping upwards and below the current price, acting as potential support levels.

* Market Sentiment: Overall optimism is growing across the crypto market, benefiting Bitcoin and other major cryptocurrencies.

Potential Resistance and Support Levels:

* Immediate Resistance: $105,000 is seen as a key psychological resistance level.

* Minor Resistance: Around $97,895.

* Key Support: The $95,000 level is considered crucial; a break below this could lead to a deeper correction. The 20-day exponential moving average (around $93,091) has also acted as support.

News and Developments:

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