The price of Bitcoin is in a struggle between bulls and bears, with strong resistance at $98,000 and several support levels below.
Watch these Bitcoin price levels as BTC reaches a 'decision point'.
Market Analysis
Key points:
Bitcoin failed to break the $98,000 resistance due to an increase in profit-taking.
The price of BTC needs to close above $95,000 on the daily chart for a push towards $100,000.
The price of Bitcoin
failed to surpass the resistance at $98,000 on May 3. Since April 22, BTC prices have formed daily highs between $93,000 and $97,900, but were unable to close above $97,440.
The price action of Bitcoin has been choppy and within a narrow range over the past few days. With elevated profit-taking and a large amount of supply in profit, markets could experience volatile price swings towards key BTC price levels in the coming days.
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