Bitcoin traded at $77,250 at press time, with 24-hour volume at $30.89 billion, per crypto.news data.
Summary
- Bitcoin must break $79,000 to target the next resistance zone between $86,000 and $88,000.
- More than 10,000 BTC moved to exchanges last week, raising short-term selling pressure concerns.
- Analysts remain split as Bitcoin holds an uptrend while May seasonality shows no clear bearish pattern.
The asset gained 2% in the past day but remained down slightly over seven days.
The price has recovered from earlier weakness and now trades in a short-term uptrend. The chart shows higher lows since mid-March, pointing to steady demand from buyers.
Analyst says $79K remains key
Crypto analyst Michaël van de Poppe said Bitcoin tends to behave positively at the start of a new month. He also expects spot Bitcoin ETF flows to improve in the coming week.
He said, “If $79K breaks, the next resistance zone is at $86-88K.” A move into that range could improve market confidence and support stronger altcoin performance.
Notably, Bitcoin is consolidating below the $79,000 resistance area. A clean move above this level would confirm stronger short-term momentum.
The moving average on the chart is rising, while the price remains above it. This supports the current bullish setup, although volume has not shown a major breakout signal.
Support sits near $73,000 to $74,000. A drop below this zone could weaken the current structure. Deeper support appears near $65,000 and $60,000.
Analysts remain split on May trend
Ali Martinez said Bitcoin shows similarities to its 2022 bottoming structure. He stated that this could allow another push higher before a final move lower.
He also noted that more than 10,000 BTC, worth about $760 million, moved to exchanges over the past week. Exchange inflows can signal possible selling pressure.
Daan Crypto Trades noted that May does not clearly support the “sell in May and go away” idea for Bitcoin. He noted that May ranks as Bitcoin’s sixth-best month by average return and third-best by median return.
Doctor Profit said Bitcoin has moved in a sideways box since February. He placed the local top around the $83,000 to $85,000 region.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
