Bitcoin maintains its bullish form from April as it gains by over 4% in the first two days of May to surge above $97,000. Following this recent gain, the premier cryptocurrency is experiencing a minor retracement as investors attempt to decipher the current market phase. <\/p>\n
Meanwhile, a prominent crypto analyst with the X handle IT Tech has shared some valuable insights on Bitcoin\u2019s market structure, highlighting the key price levels that could decide the asset\u2019s movement in the short term.\n<\/p>\n
According to IT Tech in an X post<\/a> on May 2, Bitcoin appears to be catching its breath following a price rally from $93,600 to above $97,000. As market traders await to see if this will be a mere cooling period before another upswing or the start of a deeper price correction, IT Tech has shared some helpful technical and on-chain insights on potential price targets.<\/p>\n The analyst states that the Bitcoin SuperTrend Indicator had printed a buy signal when prices hit $94,000, followed by a sell signal at $97,300. However, with market prices still above $94,000, the\u00a0 Bitcoin market structure and SuperTrend Indicator remain bullish.<\/p>\n Meanwhile, liquidation data has also hinted at potential points for price volatility. Most notably,\u00a0 IT Tech states there are long liquidation zones between the $95,200 \u2013 $96,000 price region and another dense cluster of orders at the $93,600 \u2013 $94,000 price region. Both regions are expected to act as strong price supports in the case of an unexpected decline.\u00a0<\/p>\n In determining Bitcoin\u2019s next move, IT Tech says that market sentiment remains cautiously bullish as long as the $96,000 support level remains valid. This is because a decisive price fall below this level would trigger a liquidation cascade pushing prices back to $94,000.\u00a0 Meanwhile, another price breakout above $97,400 to allow Bitcoin to trade as high as $98,500.\n<\/p>\n At press time, Bitcoin trades at $96,463, reflecting a 1.64% gain in the past seven days. Meanwhile, the asset\u2019s trading volume is down by 21.82% and valued at $26 billion.\u00a0<\/p>\n As earlier stated, bullish sentiment continues to ravage the market as indicated by recent developments, including the surge in Bitcoin Spot ETF inflows<\/a>.\u00a0 Meanwhile, the US\u2019s willingness to negotiate a new trade deal with China may signify no further negative developments on international trade tariffs.<\/p>\nWhat\u2019s Next For Bitcoin?<\/strong><\/h2>\n