Bitcoin has staged a clear turnaround after holding support near $76K in April and reclaiming critical dynamic resistances at $89.3K and $96.7K. On May 8, BTC printed a powerful rally candle that peaked at $102.7K, signaling a potential shift from range-bound chop back into an up-trend. This piece unpacks the price structure, macro drivers, and key levels, and lays out the scenarios for the next leg higher or a corrective pullback.
Macro liquidity ebb & flow: Recent dovish commentary from the Fed reduced forward rate-hike risk, restoring confidence in risk assets.
Regulatory clarity: transparent guidelines in major markets continue to draw fresh institutional capital.
Network health: On-chain metrics such as rising active addresses and declining exchange inflows reinforce supply scarcity narratives.
Declining volatility and volume contraction characterized the consolidation phase.
Dynamic Resistance Breaks
R1 (~$89.3K) & R2 (~$96.7K) (grey/green labels) had capped rallies in mid-April and late-April.
The decisive May 8 candle surged through both, converting them into short-term support pivots.
Current Momentum
A long green daily bar with above-average volume implies genuine buying demand (not a thin-market spike).
Price now trades above $100K, a major psychological and technical threshold.
Level Type Significance
$108K Static Supply Prior swing high; first major profit‐taking zone
$102.7K Recent Peak Near‐term resistance; tag of psychological $100K
$96.7K Dynamic R2 → Support Ideal retest area for dip buyers
$89.3K Dynamic R1 → Support Secondary support if $96.7K fails
$76K–$78K April Range Support Invalidation zone for bullish thesis
Bullish Path
Retest & Hold: A pullback into $96.7K–$100K on lighter volume that finds support would validate the breakout.
Accelerate Toward $108K: A sustained move above $102.7K with daily closes above $104K clears the way to challenge the $108K supply zone and beyond.
Bearish Risk
Rejection at $102.7K: Failure to close convincingly above peak time resistance could trigger profit-taking and a swift drop to $96.7K.
Breakdown Below $89.3K: A daily close back under the first support zone would re-trap bullish participants, risking a deeper pullback into the April range near $76K–$78K.
Is $108K or $115K Next? No one knows
Follow the momentum and Trend
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.