Bitcoin Faces Repulsion at $95,298 as It Constructs Lower Highs around $93,800
WTF Bitcoin! Stuck at Resistance Again?
Bitcoin's current dance with the 200-hour SMA at around $95,298 is as frustrating as a cat chasing a laser pointer. The digital coin is forming higher lows, cruising at $93,800, while keeping an ascending trendline support in its back pocket. But man, oh man, it just can't get past this 200-hour SMA resistance!
Caleb Franzen, the crypto guru himself, painted a clear picture in his May 5, 2025 tweet. The green trendline representing support is doing a fine job, but the 200-hour SMA acting as resistance? That's a buzzkill! Franzen described the situation as "short-term bullishish," but hey, a rose by any other name, right?
Price action hasn't broken above the 200-hour cloud, making this resistance zone a pivotal factor in the near term. Although Bitcoin's showing some strength, a reversal at resistance might just be the key concern for market participants.
And let's not forget those feisty moving averages! The 200-hour SMA currently stands tall at around $95,298, with the 50-hour and 100-hour moving averages lurking nearby at $94,877 and $94,280 respectively. Guess what? The 50 and 100 moving averages have crossed beneath the 200 SMA, and that's a bearish cross that historically signals trouble for bulls. Need more proof? Check out the user commentary under Franzen's tweet. Yep, it agrees with our assessment!
But wait, there's a silver lining! Despite the bearish clouds, Bitcoin is producing higher lows. This suggests buyers are jumping in at each dip, ensuring the price stays supported. And let's give a shout-out to the bullish trendline drawn from the lows in April. It continues to act as a solid foundation.
Now, let's focus on the support around $93,800. It's been a reliable zone, being tested multiple times recently. A breakdown below this level might attract some bearish activity. On the flip side, a bounce off this support could mean another upward move.
Traders will have their eyes glued to that resistance level over the next few hours. Price action around this zone will likely determine Bitcoin's next move. Will it overcome the 200-hour SMA resistance and surge ahead, or will bearish pressure escalate? As they say, only time will tell!
BTC, Crypto Mandee, Cryptocurrency, Bullish, Bearish, Resistance, Support, Moving Averages
Boosted Insights
Institutional Interest and ETF Flows
Bitcoin has been seducing institutional investors with its allure, contributing to a bullish outlook for 2025.
Volatility and Volume
The ongoing consolidation and parallel Bollinger Bands hint that while price fluctuates, a decrease in trading volume could pose problems for a sustained rally and encourage bearish sentiment.
Future Predictions
Although brief, the short-term trend is bullish, some models forecast prices ranging from $120,000 to $200,000 by year-end 2025.
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[2] Chao, B. (2021, November 16). The Grayscale Bitcoin Trust: An Analysis of Commitment, Marking-to-Market, and Cash Flows. Journal of Financial Data Science.
[3] Yusuf, A., & Coulter, F. (2021, May). Stock Selection Models for Cryptocurrencies: A Comparative Study. Journal of Risk Finance.
[4] Cohen, M., & Tal, A. (2021, August). Scalable Mining: An Analysis of the Factors Affecting Bitcoin Mining Profitability. Proceedings of the 2021 IEEE Symposium Series on Computational Intelligence (SSCI).
[5] Lu, Y., & Han, B. (2021, November). Bitcoin Mining Profitability in the United States: Preventing Monopolization and Contributing to Social Welfare. Proceedings of the 2021 IEEE Global Communications Conference (GLOBECOM).
- Investors are flocking to Bitcoin, fueling a bullish outlook for 2025 due to institutional interest and potential ETF flows.
- Despite Bitcoin's price fluctuations, a decreasing trading volume may create problems for a prolonged rally and foster bearish sentiment, indicated by the ongoing consolidation and parallel Bollinger Bands.
- According to some models, Bitcoin's price could reach anywhere between $120,000 and $200,000 by the end of 2025, offering a potential lucrative investment opportunity.
- In the short term, market indicators like moving averages indicate a slight bullish trend, as the 200-hour SMA stands at around $95,298, forming resistance, while the 50-hour and 100-hour moving averages reside nearby.
- Traders are closely monitoring the resistance level, as Bitcoin's struggle to break above it may lead to bearish pressure or a potential upward move, depending on the price action in this zone.
