Bitcoin (BTC) Market Analysis (May 7, 2025)
➡️Price Performance
24-Hour Movement: BTC is up +4.18% in the last 24 hours, reflecting short-term bullish momentum after consolidating around $94,000–$97,000 yesterday.
Trading Volume: 24-hour volume is $78.06 billion, indicating high liquidity and active trading.
Technical Analysis
➡️Relative Strength Index (RSI):
RSI (14-day) is at 66.14–70.46, indicating neutral to bullish momentum, nearing overbought territory (>70). A neutral RSI read (30–70) suggests room for upside before a potential pullback.
Support and Resistance:
Support: $94,545 (pivot point), $92,265, and $91,094 (strongest). Additional support at $90,000 and $89,000 (January 2025 lows).
Resistance: $97,996, $99,167, and $101,447. Clearing $95,900–$98,000 could target $100,000–$104,550.
Chart Patterns:
A cup-and-handle pattern confirms a trend reversal from March lows, with BTC reclaiming the 100-day EMA.
A weekly chart shows resistance at $94,000–$96,000 (0.619 Fibonacci retracement), with a long upper wick indicating rejection. A strong weekly close above $96,000 is critical for bullish continuation.
➡️Market Sentiment
Fear & Greed Index: At 59–62 (Greed), reflecting optimism driven by ETF inflows and pro-crypto policies. However, posts on X suggest mixed signals, with some traders anticipating consolidation or a dip to $70,000 if weak longs are flushed out.
Market Signals: Technical indicators show 25 bullish vs. 6 bearish signals, with a 62% bullish sentiment. However, a rejection at the 1.618% Fibonacci level ($93,400) and an ending diagonal pattern suggest a potential breakdown to $90,000 if momentum fades.
