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Bitcoin Technical Analysis Report – 5th May 2025
By: zebpay|2025/05/05 13:45:01
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Bitcoin has pulled back to retest the $95,000 breakout level, a key zone that now acts as a support area for bulls to defend. Holding above this level is crucial to sustaining bullish momentum, especially as traders look ahead to potential rate cuts and historically strong performance in June and July. Despite recently overtaking silver with a $1.8 trillion market cap to become the seventh-largest tradable asset globally, Bitcoin’s rise has been somewhat overshadowed by gold’s impressive 20% rally to a $21.7 trillion valuation. Still, Bitcoin’s expanding role in institutional portfolios and alignment with macro trends reinforce its growing stature as a digital store of value. At the time of writing, BTC was trading at $94,293.BTC, after correcting almost 32% from the all-time high, made a ‘Long-Legged Spinning Top’ candle near the key support level of $73,500 and witnessed a recovery. Post this move, the asset started consolidating near the downsloping trendline. However, BTC finally gave a breakout above the trendline and the resistance level of $90,000 and rallied up to $97,424. The asset has strong resistance at $100,000 and $110,000, whereas $90,000 will now act as strong support.Key Levels:Support 2Support 1AssetResistance 1Resistance 2.$73,500$90,000BTC$100,000$110,000Keep yourself ahead of the crypto curve with ZebPay blogs—click the button below and join 6 million+ users who trust ZebPay for their trading needs!TRADE NOWThe post Bitcoin Technical Analysis Report – 5th May 2025 appeared first on ZebPay.
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