$BTC - Price Uptrend: Bitcoin enters May with new momentum, rising over 14% in the past 30 days, trading only 6.3% below the critical $100,000 threshold.

- Demand Recovery: Apparent demand for Bitcoin has turned positive since the end of February, rising to 65,000 BTC in the past 30 days, marking a strong rebound since the low on March 27. However, overall demand momentum remains weak, with new capital inflows (especially from U.S. ETFs) still sluggish compared to levels in 2024, and much of the recent accumulation may be driven by existing holders rather than new capital entering the market.

Technically, Bitcoin's price showed some short-term adjustment signals on May 6. Bitcoin retraced from near the upper Bollinger Band, the MACD line crossed below the signal line on May 6, and the histogram turned red, indicating a weakening bullish momentum. However, the price remains above the middle Bollinger Band (20-day simple moving average) at $92,367, which is currently a key short-term support level. If this support holds, bulls may defend the $92,000 - $94,000 area and attempt a rebound.

Some cryptocurrency analysts are optimistic about Bitcoin's price. For example, Javon Marks believes that Bitcoin's price chart has formed a bullish divergence, which could help Bitcoin soar to new price highs, ultimately reaching $108,000. Ali Martinez also gave a bullish forecast for Bitcoin, stating that the development of the Bollinger Bands will prompt Bitcoin to soon encounter new highs. According to Coincodex, Bitcoin could soar to $112,000 by the end of May 2025.