As of May 8, 2025, Bitcoin ($BTC ) is trading at approximately $96,161, reflecting a 1.25% increase over the past 24 hours. The day's trading range has spanned from a low of $94,528 to a high of $97,513.
Short-Term Forecast (Next 24 Hours):
Analysts anticipate that $BTC may experience modest upward momentum in the coming hours. Forecasts suggest a potential rise to around $97,110 within the next 8 hours, marking a 0.97% increase from current levels . However, Bitcoin is encountering significant resistance near the $96,000 mark, which has been tested multiple times recently without a decisive breakout .
Technical Indicators:
Support Levels: Key support is observed around $93,500, with a more substantial support zone between $88,000 and $90,500 .
Resistance Levels: Immediate resistance lies at $96,000, followed by a stronger barrier near $100,000.
Market Sentiment: Technical analysis indicates a bullish sentiment, with 11 out of 17 indicators signaling a 'buy' .
Market Dynamics:
The current market exhibits mixed signals. While a negative funding rate and increased short leverage suggest potential downward pressure, significant open interest and positive volume delta point toward the possibility of a breakout in either direction .
Conclusion:
In the next 24 hours, Bitcoin is likely to trade within a range of $94,000 to $97,500. A sustained move above $96,000 could pave the way for a test of the $100,000 resistance level. Conversely, failure to maintain current levels may lead to a retest of support around $93,500. Traders should remain vigilant and consider setting stop-loss orders to manage potential volatility.