Folks âround here remember when a thing like Bitcoin was as foreign as rain in Death Valley. You couldâve bought ten for the price of a hotdog and a handshake, and no preacher worth his salt could tell you if it was gospel or damned voodoo. Yet here we are, the old beast trading just under ninety-six thousand dollarsâa number big enough to wrinkle even Tom Joadâs brow.
The price gathered itself in late April, a rush of cattle across a morning pasture, and now it standsâproud, anxiousâsniffing the resistance fence at $96K, trying to decide whether to jump or graze a while. The market, like a crowd at the end of a dust-choked harvest, is chewing over its winnings. Everybodyâs a little jumpy, but nobodyâs running for the hills.
Technical Analysis
The Daily Chart
If you walk-by Bitcoinâs daily chart with a careful eye, youâd see it clings to bullishness the way a migrant clings to a promise. The old coinâs keeping a saddle above $91K, its feet sure on the 100 and 200-day moving averagesâmiles traveled and hard won, folks. Cracked through the $90Kâ$91K fence with a snort, now bucking against the $95K barrier, right where the last round-up laid down camp.
Like a rattlesnake in the grass, thereâs a bearish crossover where the 100-day meets the 200-day near $90K. It sits there, coiledâmaybe nothing, maybe something. But unless this critter drops below those averages, donât nail shut the bullish barn doors yet.
The 4-Hour Chart
Over in the 4-hour corral, Bitcoin paces inside an âascending channelââwhich is fancy city-talk for saying itâs getting antsy near the top, like a mule eyeing a steep canyon trail. Now itâs pressed up against the bottom rail around $94Kâ$94.5K, hoping it doesnât slip and roll itself down to $92K for repairs.
If it bolts and scrambles back over $96K, you best hold onto your hatâthe stampede to $98K or even $100K could be something right out of a Mark Twain yarn. But if $94K doesnât hold, well, get ready for some dust in your eyes.
Onchain Analysis
SOPR (EMA 30)
The numbers-men say the Spent Output Profit Ratioâor SOPR, for folks who donât much care for syllablesâhangs steady above 1.0. In English, that means everybody still moving coins is doing it for profit, not out of sorrow or desperation. Even after the rally, nobodyâs itching to choke up coins for a loss. Makes you think these holders have the patience of a bulldog and the stubbornness of your Aunt Mae at the church raffle. So the trend, she still looks lively. But donât go betting the farmâBitcoinâs been known to kick over the lantern and burn through optimism faster than a dust storm through Salinas.
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2025-05-05 16:21