Bitcoin (BTCUSD) Remains Strong above the $98k Supply Mark

Bitcoin (BTCUSD) Price Forecast: May 9

The BTCUSD pair is up today. The coin is gaining traction and remains strong above the supply level at $ 99,434. Meanwhile, traders see potential for a sustained uptrend if buyers can defend the $100k level. In case the bulls’ pressure breaks up the resistance level of $109,358, the coin price may increase further to a $120k upper high trend line, providing buyers with a solid entry point.

Key Levels:
Resistance Levels: $97k, $98k, $99k
Support Levels: $78k, $77k, $76k

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

BTCUSD remains strong above the supply level on the higher time frames. The prices are above the moving average line, approaching the overhead resistance, indicating an uptrend.
However, the previous action at the $97,738 high level in the last session has sustained the coin price to remain above the trend line.

Bitcoin price finds reliable resistance at around the $99k level above the EMA-50 as the daily chart resumes today, resulting in intraday gains. Hence, staying above the resistance trend lines indicates a strong possibility for a bullish continuation.

The pair shows the continuation of bullish sentiment, while the price of BTCUSD remains firm above the $98k value, as the price continues to sustain an upward move, as indicated by the momentum indicator. But the downside risk remained uncertain.

Thus, the next bulls’ target might be the $120k upper high level in the days ahead in its long-term outlook.

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

Despite the interference of short-term traders in the price flow, the medium-term time frame market shows a bullish trend.
The price of BTCUSD is trending upward above the moving average, showing that buyers are currently gaining more strength in the market.

In the previous session, the coin price was up at $97,417, but additional buying pressure pushed the price above the critical level to the $99,434 resistance level above the moving average as the 4-hourly chart opens today, encouraging buyers to invest, as possible future gains are certain.

However, there is a possibility of a further increase in the price of Bitcoin, if the buy traders increase their price actions and all the current support level holds, a psychological key level at the $120k supply level might be reached soon in its medium-term time frame.

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