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Crypto’s Comeback Kid: Bitcoin Jumps $3.5K in a Day as Market Eyes $98K
By: cryptonews|2025/05/07 11:15:01
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The price of bitcoin vaulted to $97,469 per coin after idling near $94,000 for much of the day. Bitcoin’s volume tapped $24.27 billion, commanding 33.11% of all trades logged today. Bitcoin Resurfaces With Fury The leading crypto asset, bitcoin (BTC), climbed more than $3,500 from May 5’s intraday trough. The latest high was logged just after 8 :25 p.m. Eastern on Tuesday. At press time, BTC changes hands at $97,283. The token is up 2% in 24 hours and 2.8% on the week. Bitcoin’s uptick lifted the broader market, which now sits at $2.98 trillion after a 1.16% daily gain, according to the latest data. Bitcoin now grapples with hefty resistance at $97,800, $98,000, and throughout subsequent price tiers. Four days ago, BTC printed a $97,938 peak and has yet to eclipse it, though bulls are pressing hard this evening. After that specific peak, the coin drifted lower in a steady retreat that culminated in a sharp May 5th slide. Heavy selling accompanied the descent. Current oscillator metrics convey a cautiously optimistic outlook for BTC/USD. The Relative Strength Index (RSI) hovering near 66 indicates encroaching overbought levels while lingering within neutral parameters, signaling sustained accumulation dynamics without veering into speculative excess. The Average Directional Index (ADX) registering at 30 signals an emerging trend trajectory that’s consolidating momentum without achieving definitive directional dominance. Today’s rebound indicates resurgent investor enthusiasm and a potential psychological pivot after recent retracement. Current Coinglass data reveals over $40 million in BTC short positions forcibly unwound within the past four hours, with over $55 million liquidated across the preceding 24-hour period. Collective market signals across the board increasingly align with a maturing bullish posture, albeit one still operating within tempered, non-exuberant parameters. “As bitcoin approaches $100,000 once again, a growing theme is for private companies to add more BTC to their balance sheet, there are currently about 70 companies doing this worldwide,” Greg Magadini, director of derivatives at Amberdata told Bitcoin.com News on Tuesday evening. “Combine this theme with returning inflows into bitcoin ETFs and now new ATHs are back in sight.” Magadini added: During last week’s MSTR earnings call, Saylor suggested that MSTR would double its acquisition plans from 21/21 to 42/42, planning to raise $84B for BTC purchases over the next two years.
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