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, Bitcoin’s 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.
In the grand scheme of things, ZebPay blogs are here to provide you with crypto wisdom—get started today and join 6 million+ registered users to explore endless features on ZebPay!
