Key Highlights
- Bitcoin started a major increase above the $100,000 resistance before it faced hurdles.
- BTC/USD traded below a connecting bullish trend line with support at $104,000 on the 4-hour chart.
- Ethereum outperformed with a strong move above the $2,500 level.
- The US CPI could increase by 2.4% in April 2025 (YoY).
Bitcoin Price Technical Analysis
Bitcoin price started a fresh increase above the $95,000 zone against the US Dollar. BTC was able to surpass the $98,000 and $100,000 resistance levels.
Looking at the 4-hour chart, the price settled above the $100,000 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). However, the bears seem to be active near the $105,500 and $106,000 levels.
Recently, there was a minor decline below the $104,000 level. BTC/USD traded below a connecting bullish trend line with support at $104,000 on the same chart.
Immediate support is near the $102,200 level. The next key support sits at $99,500 or the 50% Fib retracement level of the upward move from the $93,336 swing low to the $105,816 high.
A downside break below $99,500 might send Bitcoin toward the $98,000 support and the 61.8% Fib retracement level of the upward move from the $93,336 swing low to the $105,816 high. Any more losses might send the price toward the $95,500 support zone.
On the upside, the price could face resistance near the $105,000 level. The next key resistance is $106,000. The main resistance could be $107,500. A successful close above $107,500 might start another steady increase.
In the stated case, the price may perhaps rise toward the $112,000 level. Any more gains might call for a test of $115,000.
Looking at Ethereum, the bulls seem to be in control, and they were able to push the price above the $2,500 resistance zone.
Today’s Economic Releases
- US Consumer Price Index for April 2025 (MoM) – Forecast +0.3%, versus -0.1% previous.
- US Consumer Price Index for April 2025 (YoY) – Forecast +2.4%, versus +2.4% previous.
- US Consumer Price Index Ex Food & Energy for April 2025 (YoY) – Forecast +2.8%, versus +2.8% previous.
