Bitcoin Technical Analysis Report 5th May 2025
Bitcoin has pulled back to retest the $95,000 breakout level, a key zone that now acts as a support area for bulls to defend. Holding above this level is crucial to sustaining bullish momentum, especially as traders look ahead to potential rate cuts and historically strong performance in June and July. Despite recently overtaking silver with a $1.8 trillion market cap to become the seventh-largest tradable asset globally, Bitcoins rise has been somewhat overshadowed by golds impressive 20% rally to a $21.7 trillion valuation. Still, Bitcoins expanding role in institutional portfolios and alignment with macro trends reinforce its growing stature as a digital store of value.
At the time of writing, BTC was trading at $94,293.
BTC, after correcting almost 32% from the all-time high, made a Long-Legged Spinning Top candle near the key support level of $73,500 and witnessed a recovery. Post this move, the asset started consolidating near the downsloping trendline. However, BTC finally gave a breakout above the trendline and the resistance level of $90,000 and rallied up to $97,424. The asset has strong resistance at $100,000 and $110,000, whereas $90,000 will now act as strong support.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $73,500 | $90,000 | BTC | $100,000 | $110,000 |
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