Bitcoin Faces Resistance at $95,000 Level as Bulls and Bears Battle, Positive Shift in Investor Sentiment Expected

Bitcoin is currently experiencing a fierce battle between the bulls and bears at the $95,000 level, with spot Bitcoin ETF investors showing strong buying activity last week. Despite slipping below $95,000 on May 4, Bitcoin tried to reclaim the level on May 5 but faced resistance. Glassnode’s CryptoVizArt noted surprise at Bitcoin staying above $93,000, cautioning that profit-taking volume had exceeded statistical levels. US-based Bitcoin ETFs saw inflows of $1.8 billion last week, outpacing the Bitcoin mined during the same period. Moving to altcoins, select ones have maintained support levels, hinting at a potential short-term upward movement. The S&P 500 Index has shown signs of recovery, breaching the 50-day simple moving average and eyeing a move to 5,800. The US Dollar Index bounced off the 99 support level and could target 101.39 on a break above the 20-day EMA. In the cryptocurrency space, Ethereum is holding above moving averages, aiming for $2,111, while XRP remains range-bound between $2 and $3. BNB, Solana, Dogecoin, Cardano, and Sui are also showing varied price movements, with key support and resistance levels to watch. It is important to conduct personal research and exercise caution before making any investment decisions.

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