May 8, 2025
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Bitcoin Approaches $98K Resistance Amid Renewed Bullish Momentum
Bitcoin is attempting to break above the $98,000 level, indicating a potential end to recent volatility. Key points include:
- Bulls are regaining control, suggesting a possible uptrend.
- A drop below $90,000 may confirm bearish momentum.
- A clean breakout and close above $100,000 could trigger a significant rally.
Analyst Big Cheds notes Bitcoin's strong technical setup, observing positive movement on the 4-hour chart. However, the struggle remains below the psychological $100,000 mark, causing mixed sentiments among investors:
- Some analysts believe Bitcoin may reach or exceed its previous all-time high of $109,000.
- Others view the current rally as part of a broader bear market.
Current trading details include:
- Price at $96,959 after bouncing from support near $94,000.
- Testing the critical resistance zone near $98,000 and the significant psychological barrier of $100,000.
- Volume is slightly increasing during the breakout attempt, indicating fresh demand.
To maintain bullish momentum, it is crucial for Bitcoin to hold above the $94,000–$95,000 range. The upcoming moves will likely influence market sentiment significantly.
