‎‎BTCUSD Reverses Bearish Momentum, Eyes Key Resistance at $99,130

‎BTCUSD Market Analysis- May 5

‎‎Bitcoin has entered a renewed bullish phase after successfully reversing its prior bearish trend, signaling strong upward momentum as Bitcoin (BTCUSD) key resistance levels come into focus.

‎‎Bitcoin (BTCUSD) Key Levels‎

Support Levels: $88,850.00, $76,350.00
‎Resistance Levels: $99130.00, $109600.00

‎‎‎BTCUSD Long-Term Trend: Bullish

‎‎Bitcoin (BTCUSD) has officially transitioned into a bullish trend following a full reversal of the previous bearish cycle. After reaching a peak in the ongoing uptrend, Bitcoin (BTCUSD) encountered substantial bearish pressure in December 2024. This downward movement became more pronounced as the daily Relative Strength Index (RSI) began showing signs of weakening momentum.‎

‎Throughout Q1 2025, BTCUSD established a clear bearish trend line, with selling pressure intensifying until early March. During this period, the daily RSI dropped into the oversold region, signaling potential exhaustion of the bearish move.‎

‎A notable shift occurred shortly thereafter, as bullish momentum gained traction. This momentum broke above the previously established bearish trend line, changing the daily market bias to bullish. As of now, BTCUSD has reclaimed the $88,850 demand level and is pushing higher with the aim of challenging the $99,130 resistance zone.‎

‎‎‎‎BTCUSD Medium-Term Trend: Bullish

‎‎On the medium-term (4-hour) chart, price action reflects continued bullish strength. After forming a higher high, BTCUSD entered a corrective phase. This bearish retracement has now found support along the 4-hour trend line, suggesting the end of the pullback.

‎‎A bullish reaction from this support level has been observed, coinciding with a modest uptick in the 4-hour RSI. This confluence of factors increases the likelihood of a new bullish wave forming. The next step would be a sustained move above the 4-hour moving average, which would confirm alignment with the prevailing bullish trend.

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