Bitcoin (BTC) Price Increased by 1% in the Last 24 Hours

Bitcoin price rose 1% in the last 24 hours, pulling back to $97,406 after hitting highs of $97,438. As speculation about a BTC breakout to $106,000 continues to heat up, Goldman Sachs and other big players are reportedly increasing their Bitcoin exposure.

With excitement in the market reaching a fever pitch, it seems that the market is reacting accordingly, leading to heightened volatility. Can Bitcoin price reach its previous all-time high again next week?

This Week on Bitcoin Price

Bitcoin has been leading the charge as the crypto market experiences a renewed interest from both retail and institutional investors.

According to reports, Goldman Sachs, managing a staggering $3 Trillion in assets, is continuing to increase its exposure to Bitcoin, signaling strong institutional confidence in the cryptocurrency.

At Token2049 in Dubai, Goldman Sachs’ global head of digital assets, Mathew McDermott, highlighted the firm’s rapid expansion in the crypto sphere.

“We’re moving fast and we’re very active in Bitcoin and digital assets and we’re certainly having lots of conversations with clients who are very eager to get involved,” McDermott stated.

This signals that the Wall Street giants arepivoting their attention to BTC, showcasing a surge in institutional interest. When the big players start FOMO-ing into crypto, it’s clear that something major is unfolding.

While Goldman’s presence in crypto has been teased for some time, this move indicates they might be going all-in.

The influx of institutional money is a mega bullish signal for Bitcoin price as it flits between testing a crucial resistance zone and being subject to new highs.

The Fear & Greed Index has hit 67 as the market sentiment towards Bitcoin soars with both retail and institutional investors jumping in enthusiastically. This level of the index signals strong FOMO and bullish momentum in the market.

In other news, China has quietly exempted some US goods from tariffs, covering around $40 Billion in annual imports. According to Bloomberg, a list of 131 products has surfaced, all exempt from tariffs.

The products on the list vary widely, ranging from raw materials like copper and iron ore to finished goods like medical equipment and vehicles. Among the noteworthy inclusions are electric vehicles (EVs) and critical minerals used in clean energy technologies.

The move to exempt these goods, which was approved by the Ministry of Finance, is a significant development in the ongoing trade tensions between the two economic superpowers.

The decision to exempt certain US products from tariffs may be linked to broader economic and geopolitical considerations.

As the world’s second-largest economy, China is keenly aware of the global economic landscape and adjusts its policies accordingly.

The move to exempt some US goods could be seen as a step towards reducing trade friction and fostering cooperation in areas of mutual interest.

This signals a potential shift in strategy from China, which could have far-reaching implications for the global economy and the dynamics of the US-China trade relations.

Now looking at the charts, on May 2, 2025, Bitcoin price sat at $97,406, up 1% for the 24 hours of trading. The BTC/USD chart showed a breakout above the $92,000—$94,000 range and the ascending triangle pattern.

This classic bullish setup usually signals potential for further upside movement as price action continues to build. BTC price has been steadily grinding higher, forming higher lows along the 50-day and 200-day simple moving averages (SMAs).

These SMAs act as dynamic support levels, keeping the bulls in control and enabling the price to bounce back.

The OG token is now testing a minor resistance zone around $98,000 on its way to $106,000. If this level is breached with strong buying pressure, the next logical stop is the supply zone between $104,000 and $106,000.

A clean break above $104,000 could easily send Bitcoin price to $108,000. After this zone, there seems to be little resistance until the all-time high of $109,396 is reached.

The chart also highlights a “Resistance-Turned-Support (Bullish)” zone around $94,000. If the price pulls back from the current levels, this level is expected to provide support. Otherwise, we might see a deeper retracement to retest the support at $80,000.

The MACD indicator shows a bullish signal with the MACD line above the signal line. Additionally, the positive histogram values confirm strong upward momentum in the market. This finding is in line with the positive signals from the other technical indicators.

The relative strength index (RSI) is