$BTC

Technical Analysis of Bitcoin (BTC) – May 9, 2025

Current Price:

Bitcoin is currently trading at $104,000, with a clear upward momentum since the beginning of the year. The price is approaching its highest recorded levels in January 2025.

Moving Averages:

The price is above the 50-day and 100-day moving averages, indicating a stable upward trend.

The golden cross appeared in mid-April, which is a strong signal for the continuation of the upward trend.

Relative Strength Index (RSI):

The RSI is currently above 70, indicating overbought conditions and the potential for a short-term price correction.

Support and Resistance:

Key support level: $100,000 (strong psychological and technical support).

Nearest resistance: $107,000. If broken, the next target will be $120,000.

Trading Volumes:

A relative decline in trading volume has been observed, which may indicate hesitation among short-term investors.

Overall Outlook:

The overall trend is upward. If the price stabilizes above $107,000, new record levels are likely to be targeted during the second quarter of 2025.

However, caution is advised due to the current overbought conditions.