Bitcoin (BTC) Price Exhibits Minor Stability During the Weekend

Daan Crypto Trades noted that Bitcoin exhibited minor price stability during the weekend with minimal volatility levels.

Daan Crypto Trades noted that Bitcoin experienced minor price stability over the weekend with minimal volatility levels. He observed that most of the critical news had already been disclosed, consisting of trade war developments and corporate earnings information.

According to CoinMarketCap data, BTC is trading at a price of $96,251.58 on Wednesday, May 3, while showing a 0.34% decrease in its price over the past 24 hours. The Relative Strength Index (RSI) of BTC stands at 67.87, which approaches overbought levels but still shows potential for further gains.

Source: TradingView

The Moving Average Convergence Divergence (MACD) indicator shows bullish signals with the MACD line at 3,153.82 above the signal line at 2,688.95. The narrowing gap between BTC's moving averages indicates increasing selling pressure, which might limit BTC's price increases in the near term.

The price of Bitcoin has moved above the 0.786 Fibonacci retracement mark at 79,238.75 to reach the swing high point at 96,028.45. Daily price closures above this resistance value would unlock an upward breakout, potentially propelling BTC to achieve even higher values than its current all-time opening prices.

The Fibonacci 0.236 level positioned at $90,987.26 acts as a crucial support point that buyers could utilize to stabilize Bitcoin in case of market retracement. Additional support zones that BTC could reach are located at $87,868.57 and $85,347.98 if the price falls below $90,987.26.

BTC's price increased by 2% over the previous week as investors anticipate pro-crypto administration policies from Trump, and spot Bitcoin ETFs gained momentum. BTC remains unable to surpass the critical $100,000 threshold despite analysts' earlier predictions of its imminent crossing of this mark.

An upcoming successful breakout requires ongoing strong market purchases during the coming days. BTC needs sustained buying pressure to overcome its existing resistance level in order to continue its positive price direction.