Crypto Technical Analysis Report (2) 9th May 2025
Crypto traders have long hoped for a clear decoupling between digital assets and traditional markets like the S&P 500. While recent intraday price movements suggest that Bitcoin and major altcoins continue to mirror equities particularly amid escalating trade war tensions the broader picture tells a different story. Over the past month, the crypto market has quietly outpaced traditional stocks. Since March, total crypto market capitalization has climbed 8.5%, while the S&P 500 has dropped by 5.3%. Zooming out further, the contrast becomes even sharper: in the past six months, crypto markets have surged 29%, whereas the S&P 500 has shed 2%. This growing divergence highlights that, despite short-term correlations, crypto is increasingly carving out its own path suggesting that long-term investors may already be viewing digital assets through a fundamentally different lens than traditional risk assets.
Bitcoin mining firm MARA Holdings (formerly Marathon Digital) has reported a significant increase in its BTC reserves, nearly tripling its holdings year-over-year. According to its Q1 2025 results, MARA now holds 47,531 BTC, a 175% surge from 17,320 BTC in Q1 2024. However, the company saw a decline in Bitcoin production and slightly missed Wall Street earnings expectations for the quarter. Meanwhile, Bitcoin itself surged past the $100,000 mark, buoyed by $241 million in futures liquidations and a major political catalyst President Donald Trumps announcement of a trade agreement with the UK, which may include the removal of the 10% blanket import tariff. This milestone reflects not only market momentum but also a shift in the broader macro and political landscape supporting digital assets. Adding to this tailwind, two U.S. states recently passed bills permitting the creation of strategic Bitcoin reserves, signaling increasing institutional and governmental alignment with BTC. On May 8, Missouris legislature advanced Bill 594, which eliminates capital gains tax on Bitcoin, pending the governors approval. These developments collectively point toward a rapidly maturing regulatory and adoption environment for BTC in the U.S.
Ether jumped 20% in the last 24 hours, driven by the successful rollout of the long-awaited Pectra upgrade on May 7. This major update introduced new wallet functionalities, raised staking limits, and brought key scalability improvements developments that many traders believe could mark a turning point for ETHs 2025 performance, which has been clouded by mixed sentiment. The rally caught many short sellers off guard, triggering $328 million in ETH short liquidations, while CoinGlass data warns that a drop back to $2,000 could put over $2 billion in long positions at risk. Historically, Q2 has been a strong period for Ether, averaging 62.2% returns since 2013. If that trend holds, ETH could climb toward $2,950 by the end of June, based on its April 1 price.
Institutional-grade staking enhancements could also be a game-changer. If more ETH is locked into validator nodes post-upgrade, the reduced circulating supply may provide upward pressure on price. Historically, major Ethereum upgrades like the Merge or Shanghai have often led to temporary price spikes. Investors will be watching closely to see if Pectra follows the same pattern, potentially marking a fresh chapter for ETH.
Recent reports from Chinese state media indicate that the U.S. has begun low-key trade negotiations with China, hinting at a gradual thaw in economic tensions. While China still enforces a 125% retaliatory tariff on U.S. imports, it has quietly issued exemptions for key sectors like ethane, semiconductors, and specific pharmaceuticals. In response, the U.S. has eased some of its new tariff restrictions, particularly for the automotive sector. These incremental moves suggest both nations are exploring a path toward de-escalation.
Frequent social media updates from President Trump and strategic comments by White House cabinet members have fueled optimism around multiple ongoing trade negotiations. Following the announcement of a finalized trade agreement with the UK, markets surged and with U.S.-China talks scheduled for May 10 in Switzerland, momentum appears to be building further. The Dow Jones jumped 500 points, while the S&P 500 climbed 1.47%, and Bitcoin rallied to $101,600, reflecting renewed investor confidence. Adding to the bullish sentiment, the U.S. Office of the Comptroller of the Currency (OCC) issued formal guidance on May 7, confirming that U.S. banks can safely engage in crypto trading on behalf of clients. The OCC also cleared the way for banks to outsource crypto and custodial services to vetted third parties a move that could significantly accelerate institutional adoption.
Technical Outlook
BITCOIN
BTC, on a weekly time frame, made a Bullish Engulfing candle at the key support of $73,500 and has started moving up by making a Higher High and Higher Low pattern. The asset broke the downsloping trendline and the psychological level of $100,000. The price surged almost 39.75% from $74,508 to $104,145. BTC has strong resistance at $110,000, whereas $100,000 and $90,000 will act as strong support for the asset.
ETH
ETH, on a weekly time frame, made a Double Long-Legged Doji candle (which indicated indecision in trend) and started moving up. The asset broke the Descending Channel pattern and also broke the key resistance of $2,150. The price surged almost 62%, making the weekly high of $2,245. If ETH gives a weekly closing above $2,150, then we can expect it to further rally up to $2,500 and $2,750.
SOL
SOL, after making the all-time high of $295.8, witnessed a massive fall. The prices plunged almost 67.5% and made a low of $95.26. The asset has made a Bullish Engulfing candle at the key level of $100. SOL was facing stiff resistance at $150$155. The asset has finally given a breakout above these levels and made a weekly high of $164.9. If it closes above $155, then the prices can further rally up to $175 and $205.
| USD ($) | 01 May 25 | 08 May 25 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $96,492 | $103,241 | 6.99% | $97,438 | $92,861 | $103,969 | $93,399 |
| ETH | $1,839 | $2,207 | 20.01% | $1,873 | $1,736 | $2,222 | $1,753 |
| SOL | $150.85 | $163.96 | 8.69% | $156.05 | $140.71 | $163.98 | $141.67 |
| Crypto | 1w % Vol. Change (Global) |
|---|---|
| Bitcoin (BTC) | 32.46% |
| Ethereum (ETH) | 39.35% |
| Solana (SOL) | 0.91% |
| Resistance 2 | $125,000 | $2,750 | $205 | $691 |
|---|---|---|---|---|
| Resistance 1 | $110,000 | $2,500 | $175 | $650 |
| USD | BTC | ETH | SOL | BNB |
| Support 1 | $100,000 | $2,150 | $155 | $550 |
| Support 2 | $90,000 | $1,850 | $120 | $500 |
Market Updates:
- El Salvador, the first country in the world to adopt Bitcoin as legal tender, is working with computer chip giant Nvidia to implement artificial intelligence for national development.
- Fresh off its most recent Bitcoin purchase, Japanese investment firm Metaplanet is raising more funds through another bond issue to expand its growing crypto treasury.
- The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) of 2025 Act was blocked by Democrat lawmakers in the Senate on May 8, stalling the bills progress.
Unravel everything that you need for your crypto journey via ZebPay blogs. Get started today and join 6 million+ registered users on ZebPay!
The post Crypto Technical Analysis Report (2) 9th May 2025 appeared first on ZebPay.
Read more: https://zebpay.com/blog/crypto-technical-analysis-report-2-9th-may-2025
Text source: ZebPay | Buy Bitcoin & Crypto
