Technical Analysis of Bitcoin - Dated May 8, 2025
Current Price:
Bitcoin is trading at $99,099.
24-Hour Change: +2.24%.
Daily Trading Range: $95,959 - $99,835.
Technical Indicators:
1. Moving Averages:
MA5, MA10, MA20, MA50, MA100, MA200 all indicate strong buy.
2. Momentum Indicators:
RSI: 72.84 → in the overbought zone (potential correction).
MACD: 849.5 → positive buy signal.
Williams %R: -0.092 → strong buying momentum.
Structural Analysis and Overall Trend:
Overall Trend: Bullish.
Key Support: $96,000 - $97,800.
Current Resistance: $99,000 - $100,000.
Recommendation:
The currency shows strong bullish momentum supported by technical indicators.
It is advisable to watch the resistance at $100,000, as the price may face selling pressure or a strong breakout towards higher targets.
In case of a correction, the support area of $96,000 - $97,800 represents potential buying opportunities.
