Bitcoin (BTC) at a Critical Crossroads: Keep an Eye on These Price Levels!

Jakarta, Pintu News – Bitcoin (BTC) has been on a bullish run since April and managed to gain more than 4% in the first two days of May, breaking above $97,000. However, after these gains, Bitcoin (BTC) experienced a small decline as investors tried to understand the current market phase.

Bitcoin (BTC) Price Drop: Pause or Bull Trap?

According to a prominent crypto analyst with the username IT Tech, Bitcoin (BTC) appears to be taking a breather after a price rally from $93,600 to over $97,000. As market traders wait to see if this is just a cooling period before another surge or the start of a deeper price correction, IT Tech has shared some technical and on-chain insights regarding potential price targets.

IT Tech stated that the Bitcoin (BTC) SuperTrend Indicator had given a buy signal when the price reached $94,000, followed by a sell signal at $97,300. However, with the market price still above $94,000, the market structure and the Bitcoin (BTC) SuperTrend Indicator remain bullish. Liquidation data also shows potential points for price volatility, with long liquidation zones between $95,200 and $96,000 as well as dense order clusters in the price range of $93,600 to $94,000, which are expected to act as strong price support in case of an unexpected drop.

Also Read: Potential Impact of Dogecoin ETF on Crypto Price and Market

Critical Levels to Watch

According to IT Tech, market sentiment remains cautiously bullish as long as the $96,000 support level remains in place. If the price falls below this level decisively, it could trigger a liquidation cascade that pushes the price back to $94,000. Meanwhile, a price break above $97,400 could allow Bitcoin (BTC) to trade as high as $98,500.

On the other hand, the liquidation zones that IT Tech has identified indicate that there is significant support at some price levels that may prevent a sharp decline. This provides an opportunity for investors to monitor and possibly capitalize on rapid price fluctuations for short-term gains.

Future Outlook of Bitcoin (BTC)

Currently, Bitcoin (BTC) is trading at $96,463, reflecting a 1.64% increase in the last seven days. Meanwhile, the asset’s trading volume decreased by 21.82% and was valued at $26 billion. Bullish sentiment continues to rule the market as shown by recent developments, including a surge in Bitcoin (BTC) Spot ETF inflows.

Amid Bitcoin’s (BTC) recent bullish run, analysts continue to issue bullish predictions with lofty price targets reaching $150,000. Additionally, the US’ willingness to negotiate a new trade deal with China could signal the absence of further negative developments regarding international trade tariffs.

Conclusion: What’s Next for Bitcoin (BTC)?

With various strong technical and on-chain supports, as well as continued bullish market sentiment, Bitcoin (BTC) is in an interesting position to monitor. Investors and traders should remain wary of critical support levels and potential price spikes that could occur if market conditions remain favorable.

Also Read: Ethereum Outperforms Bitcoin: The Impact of Vitalik Buterin’s Proposal and Adam Back’s Response

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• NewsBTC. Bitcoin at Critical Juncture, Price Levels to Watch – Analyst. Accessed on May 5, 2025
• Featured Image: Generated by AI