Crypto Technical Analysis Report 9th May 2025
Bitcoin surged past $97,000 on May 6 in a sharp short squeeze, triggered by news that U.S. Treasury Secretary Scott Bessent confirmed trade negotiations with China would begin on May 10. Adding to the bullish momentum, Bitcoins realized capitalization which measures the aggregate value of all BTC based on the last time each coin moved hit an all-time high of $890 billion on May 7. This milestone marked the third straight week of record-setting growth for the metric, signaling heightened investor confidence and stronger hands accumulating BTC amid improving macroeconomic sentiment.
BTC/USDT Daily Chart:
BTC, after correcting almost 32% from the all-time high, formed a Long-Legged Spinning Top candle near the key support level of $73,500 and witnessed a recovery. Following this move, the asset began consolidating near the downsloping trendline. However, BTC eventually broke out above the trendline and the resistance level of $90,000, rallying up to $99,330. In the weekly time frame, Bitcoin is forming a Higher High, Higher Low pattern. The asset faces strong resistance at $100,000 and $110,000, while $90,000 will now act as a key support.
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