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Source: TradingView & BingX
The 4-hour chart for BTC/USD indicates Bitcoin trading at $94,249 as of May 6, 2025, showing a decline of 0.59% from recent levels. The price has pulled back from a high of $97,956 earlier in the period, testing support near $94,142, which aligns with the 30-period moving average at $88,953.2 and the 60-period moving average at $86,359.5. The candlestick patterns reflect increased selling pressure, with a series of bearish candles dominating the recent action. The RSI on the 4-hour chart sits at 56.67, suggesting neutral momentum, while the MACD shows a bearish crossover, indicating potential for further downside in the short term.
On the 1-day chart, Bitcoin’s broader trend shows a significant rally from $58,846 in late 2024 to a peak of $97,956 in early May 2025, followed by the current correction. The price remains within a long-term ascending channel, with the recent drop testing the channel’s lower boundary around $94,000. The 200-period moving average at $90,554.55 continues to trend upward, supporting the overall bullish structure, but the recent decline has seen volume increase, suggesting stronger selling interest. The daily MACD is showing signs of weakening momentum, and the RSI at 71.40 indicates the asset may be approaching overbought territory, which could contribute to the current pullback.
From a technical perspective, Bitcoin’s current levels on both timeframes suggest a cautious outlook. On the 4-hour chart, the bearish MACD and proximity to the moving averages indicate a risk of further decline if $94,142 fails to hold, with the next support near $90,554. The 1-day chart, while still bullish in the long term, highlights the importance of the ascending channel support around $94,000. A break below this level could lead to a deeper correction toward $86,000, while a recovery above $95,000 might signal a resumption of the uptrend, with resistance near $97,956.
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