Bitcoin’s Raging Bull Indicator Activates as Price Approaches Key Resistance

Bitcoin is showing resilience around the $95,000 mark, rebounding from recent lows and attempting to regain a bullish structure after April's volatility. The April monthly candlestick on the CME Futures chart presents a strong bullish engulfing pattern, potentially leading to a bullish close for May.

Key points include:

Positive price action over the past two weeks has improved trader sentiment.
Bitcoin's net taker volume has turned positive, signaling renewed strength.
Tony "The Bull" Severino's "Raging Bull" indicator has activated on the Bitcoin CME Futures chart but not on the spot BTC/USD chart.
The divergence between these charts complicates Bitcoin’s outlook; confirmation requires a weekly close above key levels.
A bullish engulfing candlestick indicates increased institutional interest from CME traders.
Bitcoin needs to break decisively above the $96,000 to $100,000 range to maintain momentum.

Current trading price: $94,934. A failure to close above the resistance level could invalidate the bullish signals.