As of May 2, 2025, Bitcoin ($BTC ) is trading around $96,972, showing a 3.4% increase this week. The price has recently broken out from a descending channel and pennant pattern, indicating bullish momentum. However, the Relative Strength Index (RSI) is nearing overbought levels, suggesting a potential pullback.

Weekly Outlook:

• Resistance Levels: $100,000 (psychological barrier), $105,000, and $107,000.

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• Resistance Levels: $100,000 (psychological barrier), $105,000, and $107,000. FX Leaders

Support Levels: $92,000 and $85,000.

Technical Indicators:

• RSI: Currently at 68.11, approaching overbought territory.

• Volume: Recent trading volume has been lower, which may raise caution despite bullish price action.

Market Sentiment:

Analysts forecast a rise to $105,000, driven by ETF filings, institutional inflows, and bullish momentum.

Trading Strategy:

• Bullish Scenario: A decisive close above $100,000 could target $105,000 in the coming weeks.

• Bearish Scenario: If the price fails to break above $100,000, a pullback to $92,000 or $85,000 may occur.

Conclusion:

Bitcoin is exhibiting strong bullish signals, but caution is advised due to overbought RSI levels and lower trading volume. Traders should monitor key support and resistance levels closely.