Up trend

Bitcoin (BTC/USD) Technical Analysis – May 6, 2025

Current Price: $93,897
Trend: Short-term bearish momentum with key support being tested

Key Support Levels

• $93,200 – $93,500: Immediate support zone holding recent pullbacks

• $91,200: Next major support if bearish pressure continues

• $89,000: Critical psychological and technical level

Key Resistance Levels

• $95,750: 50% Fibonacci retracement; short-term breakout level

• $96,800: Previous swing high; strong resistance

• $99,900: On-chain data suggests heavy selling pressure here

Indicators

• RSI (Daily): 39.75 – Bearish territory, but not oversold

• MACD: Bearish crossover continues, momentum remains negative

• Moving Averages: All major MAs (MA5 to MA200) signaling “Sell”

Market Sentiment

• Institutional activity remains high, with strong ETF inflows and growing futures open interest

• Bitcoin dominance has climbed to 70%, showing investors' preference for BTC over altcoins

Technical Outlook

• Bearish Scenario: Break below $93,200 could lead to $91,200 or $89,000

• Bullish Scenario: A close above $95,750 opens path toward $96,800 and $99,900