Steady purchasing demand at Bitcoin’s lower support levels is keeping the pressure on the $95,000 BTC resistance zone.
Key points:
Bitcoin is witnessing a tough battle between the bulls and the bears at the $95,000 level.
Solid buying by spot Bitcoin ETF investors last week signals a positive shift in investor sentiment.
Select altcoins have held their support levels, increasing the likelihood of a short-term up move.
BTC $94,318 slipped below the breakout level of $95,000 on May 4, indicating profit booking at higher levels. The bulls tried to push the price back above $95,000 on May 5 but are facing stiff resistance from the bears.
Glassnode senior researcher CryptoVizArt said in a post on X that Bitcoin maintaining above $93,000 was very surprising and also risky as the rally to the $93,000 to $96,000 range “pushed the profit-taking volume above the statistical levels.” CryptoVizArt added that there were more than $9 in realized profits for every dollar realized in loss.
However, a positive sign in favor of bulls is that the US-based Bitcoin exchange-traded funds witnessed inflows of $1.8 billion last week, per Farside Investors data. The ETF issuers and the institutions acquired 18,644 Bitcoin last week compared to the 3,150 Bitcoin mined during the period, reported asset allocator HODL15Capital on May 4.
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