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Bitcoin falters at high levels, slips below the $95k mark; what lies ahead?
The crypto markets have exhibited a blend of optimism and caution. The flagship currency, Bitcoin, despite reclaiming the $97,000 level buoyed by positive sentiment surrounding potential US-China trade negotiations and robust institutional demand, has struggled to hold above it and slipped below the $95,000 mark.
At 10:53 AM on Monday, May 5, Bitcoin was quoted trading at around $94,406.25, down by 1.50 per cent. The world's most popular cryptocurrency had a 24-hour trading volume of $21.09 billion. Bitcoin's market capitalisation stood at $1.87 trillion, the highest among all cryptocurrencies.
Bitcoin has traded in the range of $93,566.26 to $96,154.73 in the last 24 hours, according to data from CoinMarketCap.
Bitcoin, Piyush Walke, derivatives research analyst at Delta Exchange, said, is again in the consolidation zone of $91,500 to $96,000. On the daily chart, Bitcoin appears to be forming a Flag and Pole pattern—a continuation setup that indicates the ongoing uptrend could resume after a short period of consolidation. "A strong breakout above the flag structure, particularly with rising volume, would confirm this pattern and signal renewed bullish momentum, potentially pushing Bitcoin toward new highs," said Walke.
Key resistance levels for Bitcoin, Walke noted, are positioned at $100,000 and $107,000, while important support levels lie at $91,000 and $85,000. These zones are significant due to historical price activity and recurring chart patterns, marking areas of potential resistance or renewed buying interest.
Despite the weekend profit booking, Alankar Saxena, co-founder and CTO of Mudrex, believes that network activity is surging. Bitcoin recently recorded its highest number of active addresses in six months, with over 925,000 addresses active in a single day. This rise in participation, Saxena said, reflects growing investor interest and market engagement.
Saxena remains optimistic about the flagship cryptocurrency and stated, "A dovish stance from the US Fed could lead to a fresh rally toward the $100,000 milestone, triggering over $3 billion in liquidations that could further fuel upward momentum." Bitcoin now faces resistance near the previous high of $97,900, while major support stands at $92,000.
Ethereum and other altcoins
Meanwhile, Ethereum (ETH), the world's second-largest cryptocurrency by market capitalisation, was also showing a similar trend. At last check, it was trading at around $1,803.55, down 1.84 per cent.
Among other popular cryptocurrencies, Solana (SOL) was trading higher by 0.41 per cent, while Binance Coin (BNB) was down by 1.44 per cent, and Ripple (XRP) declined by 1.73 per cent. Meanwhile, the US dollar-linked stablecoin Tether was trading at $1, down 0.04 per cent.
Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), and Turbo (TURBO) were among the top trending crypto coins on CoinMarketCap.
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