Key Points:
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Bitcoin is witnessing a tough battle between the bulls and the bears at the $95,000 level.
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Solid buying by spot Bitcoin ETF investors last week signals a positive shift in investor sentiment.
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Select altcoins have held their support levels, increasing the likelihood of a short-term up move.
As of May 4, Bitcoin (BTC) has slipped below the significant breakout level of $95,000. This indicates profit booking at higher levels, while bulls struggled to push the price back above this key threshold on May 5 amidst resistance from bears. Notably, Glassnode senior researcher CryptoVizArt noted that Bitcoin maintaining above $93,000 was unexpectedly strength but also fraught with risk, citing a profit-taking volume surpassing statistical norms.
In a positive development, US-based Bitcoin exchange-traded funds (ETFs) saw inflows of approximately $1.8 billion last week, according to Farside Investors data. ETF issuers and institutions acquired 18,644 BTC, dwarfing the 3,150 BTC mined during the same time frame. This uptick in institutional interest highlights a potential bullish trend for the cryptocurrency market.
Now, let’s delve into critical support and resistance levels for Bitcoin and other altcoins, and analyze potential market movements.
S&P 500 Index Price Prediction
The S&P 500 Index (SPX) has extended its recovery, surpassing the 50-day simple moving average (5,575). The 20-day exponential moving average is on the rise, coupled with a positive relative strength index (RSI), indicating buyer advantage. Resistance is expected at 5,800, with support likely at the 20-day EMA.
US Dollar Index Price Prediction
The US Dollar Index (DXY) has bounced back from the 99 support seen on April 29. Although buyers face resistance at the 20-day EMA, the potential for a breakout exists. Should this occur, we could see a rise to 101.39 at the 61.8% Fibonacci retracement level.
Bitcoin Price Prediction
Bitcoin closed below the $95,000 benchmark on May 4, with a potential pullback targeting the 20-day EMA at $92,204. Buyers must defend the 20-day EMA to maintain bullish momentum. Failure to do so could see Bitcoin slumping to a significant support of $86,890.
Ethereum Price Prediction
Ethereum (ETH) shows resilience, remaining above moving averages. The 20-day EMA is increasing, and the RSI suggests upward momentum. Minor resistance at $1,957 may soon be surpassed, setting the stage for a potential rally to $2,111.
XRP Price Prediction
XRP remains caught between resistance and support levels, indicating a balanced market. For a bullish outcome, a price movement beyond the resistance line is critical—this could lead to a rise towards $3.
BNB Price Prediction
BNB has faltered below moving averages but buyers are attempting to regain composure. Pushing beyond $620 could lead to further bullish activity, while downside movement below support zones signals bearish trends.
Solana Price Prediction
Solana (SOL) appears to be supported at the 20-day EMA, with an upside target of $180 if resistance at $153 is overcome.
Dogecoin Price Prediction
Dogecoin (DOGE) remains stable within its price range without substantial upward movement. A turn from current levels may result in revisits to the $0.14 support level if bearish pressure mounts.
Cardano Price Prediction
Cardano (ADA) is experiencing a standoff between bullish and bearish sentiment. A break above $0.75 could indicate a rally, whereas movements below critical support levels may project losses.
Sui Price Prediction
Sui (SUI) is currently bouncing from the 20-day EMA, indicating potential buyer demand. Breaking above significant resistance could catalyze a substantial price increase.
This article does not constitute investment advice. All investments carry inherent risks, and readers should conduct thorough research prior to making decisions.
