📊 Technical Overview
Short-Term Trend: Bitcoin is exhibiting a neutral to slightly bearish trend on the 1-hour chart, characterized by lower highs and lower lows. The Relative Strength Index (RSI) stands at 44.6, indicating neutral momentum, while the Moving Average Convergence Divergence (MACD) suggests a lack of strong directional bias.
Key Support and Resistance Levels:
Support: $100,751 and $97,711 are identified as significant support zones.
Resistance: Immediate resistance is observed at $104,956, with a potential breakout target at $110,000 if bullish momentum resumes.
Momentum Indicators: The RSI is above 70, suggesting overbought conditions, which could lead to short-term corrections.
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🧠 Market Sentiment
Institutional Activity: Institutional investors are driving the current rally, with significant inflows into Bitcoin-related products. Conversely, retail investors have been net sellers in 2025, offloading approximately 247,000 BTC.
Fear & Greed Index: The index stands at 73, indicating a state of "Greed," which often precedes market corrections.
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🧩 Macro Factors
Economic Indicators: Bitcoin's recent performance correlates with broader market dynamics, including U.S. equity markets and macroeconomic policies. The cryptocurrency has shown resilience amid economic uncertainties, outperforming traditional assets like gold and major stock indices in April.
Regulatory Developments: Positive sentiment is bolstered by favorable regulatory moves, such as legislative developments in Arizona and New Hampshire establishing Bitcoin reserves.
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🔮 Outlook
While Bitcoin demonstrates strong institutional support and positive macroeconomic correlations, technical indicators suggest caution in the short term due to overbought conditions. A sustained move above $104,956 could pave the way for testing the $110,000 level. However, failure to maintain support above $100,751 may lead to a retest of lower support zones.