Source: Cointelegraph.com NewsKey takeaways:<\/p>\n
Bitcoin failed to break the $98,000 resistance amid increased profit-taking.
\nBTC price needs to close above $95,000 on the daily chart for a push to $100,000.<\/p>\n
Bitcoin\u2019s (BTC) price failed to break above resistance at $98,000 on May 3. Since April 22, BTC prices have formed daily candle highs between $93,000 and $97,900, but they could not close above $97,440. Source: Cointelegraph.com NewsKey takeaways: Bitcoin failed to break the $98,000 resistance amid increased profit-taking. BTC price needs to close above $95,000 on the daily chart for a push to $100,000.… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128615"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128615"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128615\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128615"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nBTC\/USD four-hour chart. Source: Cointelegraph\/TradingViewBitcoin price action has been choppy and within a narrow range for the past few days. With elevated profit-taking and a lot of supply in profit, markets could see volatile price swings toward key BTC price levels over the next few days.\u00a0
\nRealized profits above \u201cstatistical levels\u201d
\nSenior researcher at Glassnode, CryptoVizArt.\u20bf, said that Bitcoin\u2019s rally to the $93,000-96,000 range has \u201cpushed the profit-taking volume above the statistical levels.\u201d
\nIn other words, the Realized Profit\/Loss ratio shows that the volume of Bitcoin being sold at a profit exceeds historical norms. This suggests heightened selling activity by investors locking in gains, often signaling potential market tops and increased sell-side pressure.
\nThe chart below indicates that \u201cfor every dollar realized in loss, more than 9 dollars was realized in profit!\u201d CryptoVizArt.\u20bf explained, adding:
\n\u201cThe fact that the price is still above $93,000 is very surprising, which in my humble opinion is also risky.\u201d
\nBitcoin realized profit\/loss ratio. Source: Glassnode\u00a0As reported by Cointelegraph, BTC selling has been ramping up near the $95,000 level over the past few days as short-term traders book profits.
\nCrypto analyst Checkmate\u00a0said\u00a0that Bitcoin\u2019s current market is at a key \u201cdecision point,\u201d so Bitcoin must clear this price zone in the near term to avoid another major correction.
\nRelated: Bitcoin price cools going into Fed rate hike week, HYPE, AAVE, RNDR, FET still look bullish
\nBitcoin\u2019s supply in profit now stands at 86%, as per data from Glassnode. This high percentage often signals a bullish phase. However, it also indicates potential risks: when supply in profit exceeds 80-90%, historical patterns show increased profit-taking, particularly by short-term holders, which can lead to corrections.
\nGiven these two scenarios, Checkmate pointed out:
\n\u201cWe’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 convince people of a lower high, or bull continuation, respectively.\u201d
\nBitcoin distribution. Source: CheckonchainKey Bitcoin price levels to watch
\nBitcoin must flip the $98,000 resistance level into support to target higher highs above $100,000.
\nBut first, the BTC\/USD pair must close above $95,000 on the daily chart. BTC’s price dropped below this level on May 4, driven by profit-taking\u00a0after the rally to $97,000.
\nBTC\/USD daily chart. Source: Cointelegraph\/TradingView\u200b\u200bOne positive catalyst for the bulls could be continued demand from spot Bitcoin ETFs. Bitcoin ETFs registered $1.8 billion in net inflows last week, per Farside Investors’ data.
\nAnother catalyst could come from Wednesday’s Fed interest rate decision meeting.
\nMeanwhile, the bears will attempt to keep the $98,000 resistance in place to increase the likelihood of pulling the price below $92,000. The immediate target below the previous range lows is at $90,000, i.e., the convergence point of the 100-day and 200-day SMAs.
\nBelow $90,000, the next key area of interest remains between $85,000 and $75,000. Reaching $75,000 would erase all the gains after the 90-day tariff pause.\u00a0
\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"