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Bitcoin fell hard before recovering as prices plummeted below $95,000, retreating below $94,600 and even as low as $93,395. But buyers emerged at around $94,000, halting the decline and allowing BTC to recover fast. Then, the coin started rising again, piercing through pivotal levels that had earlier served as resistance.
Key Resistance Levels Broken As Bulls Step In
Bitcoin didn’t remain down for long. It broke above $94,600 and even broke a bearish trendline at around $94,755. That opened the doors for another break higher. It continued to breach above $96,500 and is now trading inching closer to the $97k level. The 100-hour Simple Moving Average is also below the current price, which is generally a bullish indicator for momentum.
Currently, traders are waiting to see whether BTC will break above $97,000. If that occurs, the next target might be $98,800 or even $100,000. This price level has been a top target for most traders in the last few months.
Whales Add Over 81,000 BTC In Six Weeks
Large holders, or whales, are gaining confidence. Wallets that hold between 10 and 10,000 BTC have accumulated more than 81k BTC in the last six weeks. Such wallets tend to belong to institutions or long-term investors who prefer to buy when prices are relatively stable or low.
🐳 As May progresses, Bitcoin’s key stakeholders are mostly moving in the right direction if you’re rooting for $100K $BTC in the near future.
Wallets with the highest correlation with crypto’s overall market health (10-10K BTC wallets) have accumulated a combined 81,338 more… pic.twitter.com/4DKhOwROgx
— Santiment (@santimentfeed) May 6, 2025
Meanwhile, smaller holders owning less than 0.1 BTC have sold off 290 BTC in the same period. The difference in behavior between large and small holders is catching attention. In the past, similar trends have been followed by strong price surges.
$734M In Shorts Wiped Out
Many short sellers who were making bets on lower prices got caught out around $95,600. Coinglass analytics indicate that short positions exceeding $730 million were swept out when Bitcoin broke above that level. It had been resistance for days. But once buyers retook it, the price exploded and traded as high as $97,200.
That move lifted morale among bullish traders and generated fresh momentum within the market. Further liquidations might occur if BTC continues to climb.
Derivatives Reflect Bulls in Charge
The derivatives market is likewise turning bullish. Coinglass indicates long positions come out at approximately $2.14 billion, versus $2 billion in short positions. That discrepancy won’t be gigantic, but it’s sufficient to tip the balance towards the bulls.
If Bitcoin cannot remain above $97,750, then it could fall slightly. Support is approximately $96,650. If that gives way, then it could move down to $95,400 or $95,200. Further support awaits at $94,400 and then $93,100. But for now, the sentiment is upbeat, and everyone is watching that $100K barrier.
Featured image from Gemini Imagen, chart from TradingView
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
