Summary
⚈ Price is consolidating around $95,000 with potential breakout toward $100,000
⚈ Market remains bullish with strong technicals and sentiment, though RSI signals slightly overbought conditions
Bitcoin’s (BTC) network activity has reached a six-month high, a trend likely to support the asset’s ongoing push toward a six-figure valuation.
Specifically, Bitcoin recorded 925,914 unique active addresses within 24 hours as of May 3, according to on-chain data shared by cryptocurrency analytics platform Glassnode.
The data indicates that BTC price has steadily climbed from mid-April lows, closely tracking the rise in network participation.
Notably, the surging activity reflects heightened investor engagement and speculation that Bitcoin may be gearing up for a significant price move as it consolidates around the $95,000 level.
Historically, spikes in active address counts have often been early indicators of strong market moves, signaling increased user demand and transaction volume across the blockchain.
Bitcoin key price levels to watch
Bitcoin is currently consolidating in a narrow range just below a key resistance level. According to cryptocurrency analyst Ali Martinez, who shared insights in a May 3 post on X, the critical resistance to watch is $98,290. A breakout above this level could pave the way for a move toward the highly anticipated $100,000 milestone.
On the flip side, $96,160 serves as a crucial support level. With the price oscillating between these two markers, Bitcoin is trading within a tight band that appears poised for a decisive breakout in either direction.
Regarding Bitcoin reclaiming the $100,000 spot, a Finbold report indicated that several artificial intelligence (AI) models believe the milestone might be achieved by the end of May.
This possibility is also backed by technical insight from TradingShot, who noted that Bitcoin is erasing traces of the recent “Tariffs correction” that shook markets. If this erasing is complete, the analyst stated that Bitcoin would be open to claiming the $106,000 target.
Bitcoin price analysis
At press time, Bitcoin was trading at $95,470, down about 0.8% over the past 24 hours, while gaining nearly 2% over the past week.
Market sentiment remains bullish, with Bitcoin registering a “greed” score of 65. Technically, the asset is trading above the 50-day ($86,939) and 200-day ($86,139) simple moving averages (SMA), confirming an ongoing uptrend.
However, traders should remain cautious of a potential short-term pullback. Bitcoin’s relative strength index (RSI) stands at 66.42, indicating slightly overbought conditions.
Featured image via Shutterstock
