Key Highlights
- Bitcoin price started a steady increase above the $90,000 resistance.
- BTC cleared a key contracting triangle with resistance at $85,300 on the 4-hour chart.
- Ethereum price rallied over 10% and must clear the $1,800 resistance to continue higher.
- Gold surged to set a record high at $3,500 before it corrected some gains.
Bitcoin Price Technical Analysis
Bitcoin price started a recovery wave above the $80,000 zone against the US Dollar. BTC was able to surpass the $82,000 and $85,000 resistance levels.
Looking at the 4-hour chart, the price settled above the $90,000 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). It cleared a key contracting triangle with resistance at $85,300.
The bulls even pumped BTC above the $92,000 resistance zone. On the upside, the price could face resistance near the $94,200 level.
The next key resistance is $94,500. The main resistance could be $95,000. A successful close above $95,000 might start another steady increase. In the stated case, the price may perhaps rise toward the $98,000 level. Any more gains might call for a test of $100,000.
Immediate support is near the $91,500 level. The next key support sits at $90,000. A downside break below $90,000 might send Bitcoin toward the $88,000 support. Any more losses might send the price toward the $86,200 support zone.
Looking at Ethereum, there was a recovery wave, but ETH must settle above the $1,800 resistance zone to move into a short-term bullish zone.
Today’s Economic Releases
- Euro Zone Manufacturing PMI for April 2025 (Preliminary) – Forecast 47.5, versus 48.6 previous.
- Euro Zone Services PMI for April 2025 (Preliminary) – Forecast 50.5, versus 51.0 previous.
- US Manufacturing PMI for April 2025 (Preliminary) – Forecast 49.4, versus 50.2 previous.
- US Services PMI for April 2025 (Preliminary) – Forecast 52.8, versus 54.4 previous.
