BTCUSD Market Analysis – May 9
Bitcoin continues to attract strong buying interest as bullish momentum dominates the Bitcoin market once again.
Bitcoin Key Levels
Support Levels: $87,500.00, $74,700.00
Resistance Levels: $98,700.00, $109,800.00
BTCUSD Long-Term Trend: Bullish
The early-year correction stemmed from an overextended bullish rally, which triggered profit-taking and led to a break below the critical $87,500 support level. However, upon reaching a deeper demand zone, the market structure shifted significantly, signaling renewed buyer strength. This bullish reversal surprised many as the downtrend was expected to continue, yet the swift return of bullish pressure confirmed the formation of a new upward leg.
As BTC approached the $98,700 level, the market encountered brief consolidation due to selling pressure. However, buyers swiftly overpowered sellers, pushing the price above this resistance. The breakout from $98,700 solidifies bullish sentiment, with price now targeting the next major level at $109,800.
Despite the Relative Strength Index (RSI) on the daily timeframe indicating an overbought crypto signal, this does not yet imply an immediate reversal. Instead, a minor consolidation phase is more likely before the bullish trend resumes with strength.
BTCUSD Medium-Term Trend: Bullish
On the 4-hour timeframe, Bitcoin recently confirmed a bullish break of structure with a decisive move above the $98,700 level. This rally has pushed RSI readings well into the overbought region, suggesting a temporary retracement could occur.
A potential short-term pullback may revisit the 4-hour order block before price resumes its upward movement. Provided bullish conditions remain intact, Bitcoin is poised to extend gains toward the $109,800 mark, potentially setting a new price benchmark.
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