⚈Price combines $96,160 support and $98,290 resistance, with a potential breakout of $100,000
RSI shows a slightly bought state, but with strong technology and emotions the market remains bullish and bullish
Bitcoin (BTC) network activity reached six months’ height. This is a trend that supports the continued push for assets towards a six-figure valuation.
Specifically, Bitcoin recorded 925,914 unique active addresses within 24 hours within May 3, according to on-chain data shared by the Cryptocurrency Analytics platform. Glass node.
Data show that BTC prices have steadily risen since mid-April, closely tracking the increase in network participation.
In particular, the surge in activity reflects increased investor engagement and speculation that Bitcoin may be preparing for a significant price movement as it integrates around the $95,000 level.
Historically, the surge in active addresses is often an early indicator of strong market movements, indicating an increase in user demand and transaction volume across the blockchain.
Key Bitcoin price levels to watch
Bitcoin is currently consolidating in a narrow range just below the key resistance level. The key resistance to viewing is $98,290, according to Cryptocurrency analyst Ali Martinez, who shared his insights in X’s May 3rd post. A breakout above this level could pave the way for the highly anticipated transition to the $100,000 milestone.
Conversely, $96,160 serves as a key level of support. With price vibrating between these two markers, Bitcoin is trading within a tight band that appears to be poised for a decisive breakout in either direction.
Regarding Bitcoin, which will regain a $100,000 spot, the Finbold report showed that some artificial intelligence (AI) models believe that milestones could be achieved by the end of May.
This possibility is also supported by technical insights. Trade shotnoting that Bitcoin is erasing traces of recent “custom corrections” that have shaken the market. If the erase is complete, analysts said Bitcoin is open to claiming a $106,000 target.
Bitcoin price analysis
At the press conference, Bitcoin has fallen by around 0.8% in the past 24 hours, earning almost 2% in the past week.
Market sentiment remains bullish, with Bitcoin registering a 65 “greed” score. Technically, assets are trading above the simple moving average (SMA) of 50 days ($86,939) and 200 days ($86,139) and confirming a continuous upward trend.
However, traders should be aware of potential short-term pullbacks. Bitcoin’s relative strength index (RSI) stands at 66.42, indicating slightly bought terms.
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