Bitcoin Price Forecast
Bitcoin rose more than 6% and closed above the $100,000 barrier on May 8, indicating that buyers have asserted their dominance.
The BTC/USDT pair could reach the $107,000 to $109,588 zone, where bears are expected to mount a strong defense. The overbought level on the Relative Strength Index (RSI) suggests a potential short-term pullback.
If the price falls from the upper resistance but finds support at the 20-day exponential moving average ($94,879), this signals positive sentiment. The bulls will then make another attempt to push the price above the all-time high.
The first sign of weakness will be a close below the 20-day EMA. This suggests profit-taking at higher levels. The pair could then drop to the 50-day simple moving average ($88,139).
