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Cryptocurrency News Articles
Bitcoin Shows a 3% Increase on May 1st, Briefly Reaching $97400 Before Dropping Back to $96600
May 02, 2025 at 02:05 pm
Bitcoin price displayed a 3% surge on May 1st, briefly touching $97,400 before pulling back to $96,600.
As bullish investors prepare to face the psychological resistance at $97,000, gold is encountering a substantial correction, with its price falling more than 8% from recent all-time highs.
Bitcoin’s resilience amid macroeconomic uncertainties
On May 1st, the price of bitcoin rose to its highest level since February 22, 2024, breaking through the $97,000 mark.
This surge occurred simultaneously with a significant increase in US stock markets, with Microsoft spearheading the rally. Its stock price soared by 10%, making it the most valuable company in the world.
The data from Cointelegraph Markets Pro and TradingView attest to this bullish trend, which is putting pressure on short positions.
Analyst Daan Crypto Trades highlighted that stocks could return to a sustainable bullish momentum if they manage to remain above the 0.618 Fibonacci retracement level following their recent correction.
“I like to think the general rule is that if stocks come back above the 0.618 fib after a big move down, the bottom is reached,” he stated in an analysis published on X.
Furthermore, the order book liquidity shows a significant concentration around the $97,000 level, a key threshold that traders are closely monitoring. According to CoinGlass data, this level represents a major resistance, which could influence the market’s next direction.
Favorable context despite fears of recession
While bitcoin is surging, gold is undergoing a significant correction of over 8% from recent all-time highs. This decline occurs within a broader context of commodity prices declining, especially oil, which is also facing a difficult period.
This divergence between gold and bitcoin comes as fears of a recession in the United States are increasing following disappointing US GDP figures. The 0.3% contraction of the US economy in the first quarter of 2025 could put pressure on the Federal Reserve to cut interest rates.
Analyst Michaël van de Poppe noted that these unfavorable macroeconomic data will increase pressure on the Fed to restart money printing, which would be beneficial for risk assets in the mid-term but could have a negative impact on gold in the short term.
Meanwhile, institutional interest in bitcoin is continuing to grow, as evidenced by BlackRock’s record-breaking $970 million investment in its Bitcoin ETF, thus solidifying its dominant position in this market.
In the context of a potential US recession and a weakening dollar in 2025, bitcoin could paradoxically benefit and gradually establish itself as an alternative store of value, much like Arizona’s initiative to allocate part of its state treasury to bitcoin.
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