Bitcoin (BTCUSD) Price Initiates another Uptrend

Bitcoin (BTCUSD) Price Forecast: May 3

The Bitcoin market is catching the attention of crypto enthusiasts as the price initiates another uptrend and looks good with its promising performance. The coin price is on the rising horizon and could pump ahead to test the previous resistance level of $100k. If the buy traders put more effort into their trading activities, the supply level of $97,462 may not hold, and it might be exposed to another resistance level of $109k, bolstering buyers for high recovery.

Key Levels:
Resistance Levels: $96,000, $97,000, $98,000
Support Levels: $77,000, $76,000, $75,000

BTC (USD) Long-term Trend: Bullish (Daily Chart)

The BTCUSD price initiates another uptrend as the coin price sits above the resistance level, while the bulls remain dominant in the long-term outlook. The coin price is trending above the moving averages with huge volumes from the bulls pumping ahead. Thus, the bulls are in control of the recent market.
The bulls’ pressure to the $95,000 high mark in the last few days has enabled the crypto’s price to initiate another uptrend above the supply trend levels in its recent high.

Earlier today, the Bitcoin price initiated another uptrend at the $97,546 high mark above the EMA-50, to resume the daily chart, suggesting sparking investors’ interest and momentum.

Thus, a possible breakout from the mentioned supply will accelerate the buying momentum and push the prices higher to hit the $100k resistance level.

Hence, the BTCUSD uptrend may continue and the emergence of more buyers to pump ahead is likely, as indicated by the stochastic signal pointing up. As a result, the emergence of the bulls might drive the coin price to as high as $109,000 in the days ahead as the crypto initiates another uptrend in the higher time frame.

BTC (USD) Medium-term Trend: Bullish (4H Chart)

The high inflow from the long traders made the BTCUSD price initiate another uptrend and trade in the bullish trend zone in its medium-term outlook.
The previous bullish trend at a $95,000 high mark has sustained the crypto’s price to initiate another uptrend above the supply levels in recent times.

The Bitcoin price initiates another uptrend to the $97,462 supply level on the 4-hour chart today, suggesting an intraday gain for coin investors.


If the bull’s performance persists and bullish momentum is sustained above the $97,462 current resistance point, further bearish sentiment will be put on hold.

Additionally, the daily stochastic remains upward. Hence, if the buy traders break above the $97,462 current high level, the market participants may initiate another uptrend and witness a new recovery rally to reach the $109k upper resistance mark in the days ahead in its medium-term time frame.

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