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Source: TradingView & BingX
The 4-hour chart for BTC/USD shows Bitcoin trading at $96,899 as of May 7, 2025, marking an increase of 0.11% from recent levels. The price has surged from a low of $93,770 earlier in the period, breaking above the resistance near $95,000 and approaching the previous high of $97,956. The 30-period moving average at $89,632.9 and the 60-period moving average at $86,582.0 are well below the current price, supporting the short-term bullish momentum. The candlestick patterns indicate strong buying pressure, with a large bullish candle driving the recent breakout, though volume has slightly decreased, suggesting a potential slowdown in momentum. The RSI on the 4-hour chart is at 60.80, indicating a slightly overbought condition, while the MACD shows a bullish crossover, supporting the upward move.
On the 1-day chart, Bitcoin’s broader trend remains bullish, with the price climbing from $58,846 in late 2024 to the current level of $96,899. The daily chart shows the price retesting the upper boundary of a long-term ascending channel, which has acted as resistance around $97,956 previously. The 200-period moving average at $90,986.22 continues to slope upward, reinforcing the overall bullish structure, and the recent price action has been accompanied by a spike in volume, indicating strong buyer interest. However, the RSI at 71.46 on the daily chart suggests the asset is in overbought territory, which could lead to a pullback, while the MACD remains bullish but shows signs of divergence, hinting at potential weakening momentum.
From a technical perspective, Bitcoin’s current levels on both timeframes suggest a strong but potentially overstretched rally. On the 4-hour chart, the bullish MACD and breakout above $95,000 are positive, but the RSI nearing overbought levels and declining volume indicate caution, with resistance at $97,956 likely to be tested again. On the 1-day chart, the overbought RSI and channel resistance suggest a risk of correction if the price fails to break $97,956, with support near $93,770 or the 200-period moving average at $90,986. A sustained move above $97,956 could open the door for further gains toward $100,000, while a drop below $93,770 might signal a deeper pullback.
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