Key Takeaways:
-
Bitcoin‘s heroic attempt to conquer the $98,000 resistance was thwarted by profit-taking. Oh, the tragedy!
-
For a shot at a thrilling $100,000 ride, BTC needs to conquer the elusive $95,000 mark first. Will it? Who knows!
On May 3, Bitcoin (BTC) faced a familiar nemesis: resistance at $98,000. Despite gallantly attempting to break above it, BTC found itself ensnared by the market’s pesky profit-takers. Since April 22, BTC prices have been indulging in a rather repetitive tango, forming daily candle highs between $93,000 and $97,900. But alas! They failed to close above the dreaded $97,440.
For the past few days, Bitcoin’s price action has been akin to a guest at a party who just can’t decide whether to stay or leave. The choppiness is palpable, and with profit-taking at full throttle, we’re in for some exhilarating (and probably dizzying) price swings in the near future. Buckle up, folks!
Realized Profits Soaring Above “Statistical Levels”
Glassnode’s Senior Researcher, CryptoVizArt.₿, offers an alarming revelation: Bitcoin’s price action between $93,000 and $96,000 has pushed the profit-taking volume above what we might call “statistical norms.” Quite the understatement, eh?
In layman’s terms, the Realized Profit/Loss ratio is showing that more Bitcoin is being sold at a profit than the historical averages. Investors seem to be locking in their gains faster than a squirrel hoarding nuts for winter. Naturally, this raises the question: Are we nearing a market top? Hold your horses, dear reader!
The chart below is a sight to behold, showing that for every dollar lost, over nine dollars were pocketed in profits. Bravo, sellers! And CryptoVizArt.₿, ever the cautious observer, adds:
“The fact that the price is still above $93,000 is downright shocking, and, if you ask me, risky too.”
Meanwhile, CryptoMoon reports that Bitcoin selling has been ramping up around the $95,000 mark as short-term traders cash in on their winnings. Naturally, this calls for dramatic music.
Crypto analyst Checkmate has been keenly observing the situation and declares that we are at a “decision point.” In other words, Bitcoin must clear the current price zone soon, or we could face a correction that would make a wrecking ball look like a toy. Cheers!
As per Glassnode data, Bitcoin’s supply in profit currently stands at a rather smug 86%. Historically, when this figure exceeds 80-90%, it often signals the end of a bullish phase and ushers in the age of profit-taking. Oh, the joy of market cycles!
Checkmate also shared some pearls of wisdom:
“We’re sitting right in the middle of a decision point, and all it will take is one big red or green candle from here to either declare a lower high or a bull continuation. Stay tuned, folks.”
Key Bitcoin Price Levels to Watch
If Bitcoin can flip the $98,000 resistance into support, we might be in for a ride to higher highs—perhaps even above the fabled $100,000. But before we get our hopes up, BTC must first secure a closing price above $95,000 on the daily chart. As of May 4, that level was breached, following some good ol’ profit-taking after the delightful rally to $97,000. Never a dull moment!
One positive spark for the bulls might come from Bitcoin ETFs, which enjoyed a $1.8 billion net inflow last week, according to Farside Investors. Hooray for institutional interest!
Another potential catalyst? Wednesday’s Fed interest rate decision meeting. Could that tip the scales? Stay tuned for the drama.
Meanwhile, the bears are busy plotting to keep the $98,000 resistance intact, hoping to drag prices back below $92,000. Their target is a cool $90,000, where the 100-day and 200-day SMAs converge. Classic bear behavior, isn’t it?
Below $90,000, the next danger zone lies between $85,000 and $75,000. And if we really fall to $75,000, we’ll wipe out all the gains made after the 90-day tariff pause. Oh, how the mighty have fallen!
Read More
- Pepe Price: Can the Meme King Rise Again? 🤑🚀
- Gold Rate Forecast
- EUR USD PREDICTION
- LINK PREDICTION. LINK cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
- Brent Oil Forecast
- 3 Binance Coins That Will Make You Freak Out 🤯
- USD KRW PREDICTION
- TIA PREDICTION. TIA cryptocurrency
- PI PREDICTION. PI cryptocurrency
2025-05-05 14:12