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Bitcoin Holds Above $96K as Bulls Eye $99K in Key First Week of May
By: cryptofrontnews|2025/05/08 12:00:08
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Bitcoin trades above $96K as bulls target $99K, following a strong technical setup.Key support at $93K holds; ascending wedge and MACD indicate possible breakout this week.Despite U.S. state-level bill delays, macro outlook and VanEck’s $180K BTC forecast remain firm.Bitcoin continues to trade steadily above $96,000 in the first week of May 2025, a time period historically associated with setting monthly highs or lows. In 9 out of the last 12 months, Bitcoin has posted either its top or bottom during the first week of trading.Technical Structure Holds as Bulls Target $97,000 to $99,000Bitcoin maintains strength above key technical levels, including the 50-day simple moving average, which currently sits around $90,552. The price action reflects a controlled consolidation phase following a clean breakout in late 2024 that led to a new all-time high in January 2025.https://twitter.com/DaanCrypto/status/1919844061306896594According to Captain Faibik via X, Bitcoin is currently forming an ascending broadening wedge pattern on the 4-hour chart. He notes that if bulls defend the $93,000 support, the price could reach $99,000 this week. The Moving Average Convergence Divergence (MACD) also supports a bullish setup, showing positive momentum despite some short-term exhaustion signs.Source :Captain Faibik(X)The $97,000 to $100,000 region is being watched closely as the next resistance zone. A clean breakout above these levels could activate the next leg higher, while a drop below $89,000 may open the door to retesting key liquidity areas.Legislative Setbacks and Macro Events in FocusFlorida recently withdrew two crypto treasury bills, House Bill 487 and Senate Bill 550 that proposed allocating state funds to Bitcoin. According to the state legislative record, both were “indefinitely postponed,” adding Florida to a list of U.S. states facing similar delays.Meanwhile, Arizona’s House Bill 1025 was vetoed by Governor Katie Hobbs, who referred to Bitcoin as an “untested investment.” However, Dennis Porter of the Satoshi Action Fund said two more crypto treasury bills are still progressing in Arizona’s legislature.Despite these state-level setbacks, macro sentiment remains supportive. Analysts at VanEck continue to forecast a Bitcoin price target of $180,000 in 2025, citing supply tightening post-halving and institutional demand through ETFs as supporting factors.The post Bitcoin Holds Above $96K as Bulls Eye $99K in Key First Week of May appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
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