Bitcoin, old sport, is presently gamboling about the $96,101 mark, brandishing a market cap of $1.907 trillion with all the brazen confidence of a debutante at her first ball. In the last 24 hours, BTC’s volume frolicked up to $21.413 billion, bounding between $95,944 and $97,821. One hears nothing but gasps from the gallery.
Bitcoin
On the daily chart, bitcoin (BTC) displays the sort of upward progression that would make even Aunt Agatha’s roses blush—a chipper move from $74,434 to a giddy high at $97,938. Alas, the fanfare seems to be making the orchestra drowsy: volumes are sagging, and so is the general enthusiasm. Some chaps at the club are muttering about ‘rising wedge patterns,’ which, if I recall, is financial speak for ‘things could go pear-shaped in a jiffy.’ The support zone between $90,000 and $91,000 lurks nearby, offering reassurance like a well-stuffed cushion, with another at $84,000 should things take a dive. Word to the wise: if a pullback to $90,000–$92,000 appears, it’s considered a golden ticket for the bullish dreamers. But be wary if volume starts bucking below $90,000—there are bears about! 🐻
Meanwhile, the 4-hour chart is laying low, mumbling something about a ‘sideways-to-bearish’ structure ever since bitcoin fancied itself a peak on May 1. Lower highs are stacking up like disappointing party invitations, and that blood-red volume bar on May 2 had all the subtlety of a fire alarm at the Drones Club. At present, price teeters between $96,000 and $97,000—an indecisive muddle. Should BTC muster a charge above $97,500 with a proper chorus of volume, bulls may yet have their evening waltz. But if it slips below $96,000, it might tumble toward $94,000 support, and bullish dreams will be left nursing a mild gin and tonic.
Down in the 1-hour crypt, things are looking less Jeeves, more Aunt Dahlia’s Pomeranian on bath day: rather harried and out of sorts. We’ve had a double top at $97,938—a classic case of too many crumpets—and prices are now sampling the delights of lower highs and lower lows. Bears are tossing red candles around with reckless abandon. Look for support between $95,500 and $95,800. Should those floodgates open, we could slip all the way to $94,500. But if bulls find their backbone and push above $96,500 with the right volume, there may be a fleeting moment for the plucky day traders to shine. 🎩
Overall, the grand trend remains as plucky as a British butler—unfazed by short-term tomfoolery. With major moving averages pooling their efforts and the MACD doffing its cap to the bulls, odds favor the idea that a modest dip might provide a launchpad for yet another heroic ascent (provided buyers can remember how to buy above $97,500 with some conviction).
Bear Verdict:
On the other hand, the hourlies and 4-hour charts are whistling ominous tunes. The rising wedge, the double top débâcle, and a strong whiff of bearish volume hint at the possibility of a swoon toward the $94,000–$90,000 region if sellers decide to storm the ballroom. In other words, keep the smelling salts handy—things could get rather animated.
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2025-05-03 16:58