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Watch these Bitcoin price levels as BTC meets ‘decision point’
By: cryptosheadlines|2025/05/05 19:15:58
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Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Key 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.Bitcoin’s (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.BTC/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. Realized profits above “statistical levels”Senior researcher at Glassnode, CryptoVizArt.₿, said that Bitcoin’s rally to the $93,000-96,000 range has “pushed the profit-taking volume above the statistical levels.”In 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.The chart below indicates that “for every dollar realized in loss, more than 9 dollars was realized in profit!” CryptoVizArt.₿ explained, adding:“The fact that the price is still above $93,000 is very surprising, which in my humble opinion is also risky.”Bitcoin realized profit/loss ratio. Source: Glassnode As 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.Crypto analyst Checkmate said that Bitcoin’s current market is at a key “decision point,” so Bitcoin must clear this price zone in the near term to avoid another major correction.Related: Bitcoin price cools going into Fed rate hike week, HYPE, AAVE, RNDR, FET still look bullishBitcoin’s 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.Given these two scenarios, Checkmate pointed out:“We’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.”Bitcoin distribution. Source: CheckonchainKey Bitcoin price levels to watchBitcoin must flip the $98,000 resistance level into support to target higher highs above $100,000.But 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 after the rally to $97,000.BTC/USD daily chart. Source: Cointelegraph/TradingViewOne 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.Another catalyst could come from Wednesday’s Fed interest rate decision meeting. Meanwhile, 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.Below $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. This 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.Source link
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