Bitcoin Bear Pressure Rising Sparks Caution
Bitcoin bear pressure rising is creating uncertainty as the cryptocurrency traded at $96,350 on May 3 evening, with a $1.913 trillion market cap, per CoinMarketCap data. Its 24-hour trading volume hit $21.413 billion, fluctuating between $95,944 and $97,821. Despite a bullish daily chart trend from $74,434 to a recent high of $97,938, declining volume suggests weakening momentum. A potential ascending wedge pattern hints at a looming reversal, with support at $90,000–$91,000 and secondary support near $84,000. Traders are advised to watch for a pullback to $90,000–$92,000 for long positions.
Short-Term Charts Signal Growing Sell Pressure
The 4-hour chart shows a sideways bearish structure since Bitcoin’s May 1 peak, with lower highs indicating a possible downtrend. A red volume spike on May 2 reflects rising sell pressure. The price hovers between $96,000 and $97,000, a zone of market indecision. A breakout above $97,500 with strong volume could trigger a short-term rally, while a drop below $96,000 may test support at $94,000. The hourly chart confirms bearish signals, with a double-top pattern at $97,938 resolving downward, driven by seller dominance in intraday action.
Technical Indicators Show Mixed Signals
Oscillators across timeframes remain neutral, with RSI, Stochastic %, CCI, ADX, and Awesome Oscillator showing no clear direction. The Momentum indicator flashes a sell signal, while MACD leans toward buy, highlighting tension between short-term selling and long-term bullishness. Moving averages, including 10, 20, 30, 50, 100, and 200-period EMA and SMA, overwhelmingly signal buy, reinforcing the broader uptrend despite recent consolidation. Traders should monitor key levels closely for Bitcoin’s next move.
