The world’s largest cryptocurrency Bitcoin has started May on a strong note, rising nearly 2% after breaking key resistance levels. According to crypto analyst Ali Martinez, Bitcoin is currently moving within a tight range, with liquidity data showing the market could soon make a strong move toward $84,000.
According to Ali Martinez, Bitcoin is currently trading inside a tight range between $75,000 and $80,000. His latest BTC liquidity heatmap shows heavy activity around key price levels.
The most important level right now is the $80,000 mark. This area has built up a large amount of short positions, making it a strong resistance zone.
Martinez suggest that, if Bitcoin manages to break above $80,000, it could trigger a short squeeze, pushing the price even higher.
As per Martinez prediction, such a move could drive Bitcoin toward the $84,000 level.
On the flip side, if Bitcoin fails to break $80,000, traders may watch support levels at $75,000, $73,000, and $70,000 for the next move.
Another popular crypto analyst Michael van de Poppe also shared a bullish view on Bitcoin. He said the strong start to May suggests Bitcoin could break higher, helped by fresh ETF inflows at the beginning of the month.
According to him, this pattern is common, new inflows often lift Bitcoin early in the month, followed by a small pullback later.
Van de Poppe is watching resistance zones at $86,000 to $88,000, with a bigger target near the 50-week moving average at $93,000 to $95,000.
He added that if Bitcoin reaches that level, the bear market may be over. In that case, Bitcoin could rally first, then see a healthy correction near $80,000 before making a new push toward an all-time high later this year.
Another major factor supporting Bitcoin is the return of institutional demand. U.S. spot Bitcoin ETF recorded a strong net inflow of $629.9 million on May 1, reversing a three-day outflow trend.
Large players like BlackRock, Fidelity Investments, and Invesco led the inflows. BlackRock’s iShares Bitcoin Trust alone captured a major share of the total capital.
This steady inflow is helping absorb selling pressure and creating a stronger price floor for Bitcoin.
Bitcoin has entered May with positive momentum, but the real test now sits at $80,000.
If bulls clear that level, momentum could build quickly toward $84,000. But if resistance holds, a short-term pullback may come first.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Story Highlights The live price of the Beldex token is BDX could attempt a recovery…
The crypto CLARITY Act is entering a critical phase in the Senate, with just days…
The X account of Robinhood CEO Vlad Tenev was recently compromised and used to promote…
Ripple has launched Ripple Mint, an institutional-grade platform that consolidates institutional management of the company’s…
A mantra among long-term investors is to buy when markets are panic selling, and several…
The U.S. stock market may soon never sleep. The Securities and Exchange Commission (SEC) announced…
