Bitcoin Eyes $90K Resistance: Critical Price Levels to Monitor as May Approaches

Bitcoin’s bullish momentum suggests a potential push toward $90,000, with traders closely watching key support and resistance levels. Market sentiment remains cautiously optimistic as technical indicators point to upward price action in the coming weeks.

Bitcoin Price Analysis – Let’s Break It Down

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On the weekly timeframe, the MA50 acted as support, and price bounced off it two weeks ago. Will we see another touch like last year? The same candle that was wicked and closed above the MA50 formed an SFP at the $78,000 line. On this higher timeframe, we can see that the structure remains bullish.

(BTCUSD)

On the 1D timeframe, the chart starts the day very bullish. The pattern resembles Head and Shoulders, though it is not quite it as the shoulders are not clearly defined. Nevertheless, the initial trendline has been broken. My purple zone has been an area of interest, and price spent most of this dip in it, though it went below, too. I’ll address that in the next chart.

1D RSIs and Lower Timeframe Trading Nuggets

(BTCUSD)

This 1D chart will focus on the RSI and moving averages. As we see, price has just reclaimed the MA50 and is very close to MA200, while MA100 is at the top. For a clear bullish structure, we want to see it go above all MAs. The RSI has formed a bullish divergence just like last year’s summer. About one month long. It took another two to three months for the price to break above and enter price discovery. How long will it range this time? As it is currently, I want to see it reclaim the $92,000 level.

(BTCUSD)

Here are some insights from the 4H—the higher high and higher low structure discussed in this past article—check it out. It broke, and if one were to watch it, they could’ve caught a good 2R short trade. When price bottomed at $75,000, it formed a bullish divergence, which provided another opportunity for a 2R long trade. Missing the entries can be hard sometimes, but stay away from FOMO!

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Bitcoin Price Analysis: Key Trends and Areas to Watch

• Key levels to reclaim are $87,000 and then $92,000
• Long RSI bullish divergence on 1D
• A potential bottom is forming