Bitcoin bounces back after drop, traders watch out for next resistance zone

Updated

May 7, 2025

Gambar Bitcoin bounces back after drop, traders watch out for next resistance zone

Jakarta, Pintu News – After experiencing a decline, the price of Bitcoin is showing a significant recovery. Despite testing the $94,000 zone, BTC is now moving up and traders are focusing on the potential price movement towards the next resistance zone around $98,000.

Bitcoin Price Rise After Decline

Bitcoin started experiencing a price correction after dropping below the $95,500 support level. BTC prices fell further, crossing the $95,000 and $94,500 support levels. However, active buyers emerged around the $94,000 zone, providing strong support that pushed prices back up.

The latest price drop was recorded at the level of $93,398, and afterward, Bitcoin started to experience a significant increase. BTC managed to break the $94,500 level and also crossed the bearish trend line that previously acted as resistance at the $94,750 level on the hourly chart of the BTC/USD pair. This rise led to the break of the $96,500 resistance zone, and Bitcoin is now trading above $95,500 and the 100-hour simple moving average (SMA).

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Resistances and Supports that Traders Pay Attention to

On the upside, Bitcoin faces resistance at $97,250, with the first major resistance being at $97,750. If Bitcoin manages to break $97,750 and close trading above that level, it is likely that the price will continue to move up towards the next resistance around $98,000. If it manages to cross that mark, BTC could potentially test the resistance at $98,800 and perhaps even continue its rise towards the psychological level of $100,000.

However, if Bitcoin fails to break the $97,750 resistance zone, there is a possibility that the price will correct downwards again. The first support is at the $96,650 level, and if the price continues to fall, the next major support is at the $95,500 zone as well as the 50% Fibonacci retracement level of the upside move between $93,398 and $97,650. A further drop could take Bitcoin price towards the $94,500 support level and eventually towards the $93,200 major level.

Technical Indicators Show Upside Potential

On the technical indicators, the hourly MACD shows stronger bullish momentum, while the RSI (Relative Strength Index) is above the 50 level, indicating that buying pressure is still quite dominant. traders will monitor this development to determine whether Bitcoin can continue its price rise or be pressured by the resistance.

Conclusion

Bitcoin (BTC) showed resilience by bouncing back after the previous price drop. Traders are now monitoring the existing resistance around $97,750 to $98,000 as a key to determine if BTC can resume its bullish trend. Meanwhile, strong support below $96,650 provides a floor in case of further price drops. With the upside potential still open, Bitcoin remains the main focus in the cryptocurrency market today.

Also Read: New Hampshire Becomes a Pioneer, Officially Keeping Bitcoin as a Reserve!

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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.

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