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Crypto Technical Analysis Report – 2nd May 2025
- The crypto market has shown a divergence from traditional stocks, with a 8.5% increase in total market capitalization over the past month compared to a 5.3% drop in the S&P 500.
- Bitcoin reached a quarterly high of $96,700 on May 1, following news of a U.S. GDP contraction and increased expectations for a Federal Reserve interest rate cut.
- Institutional interest in Bitcoin continues to rise, with over $137 million in short positions liquidated and significant inflows into Bitcoin ETFs.
- Ether has struggled to surpass $1,900 since March, with concerns about its long-term momentum and cautious sentiment reflected in derivatives data.
- The upcoming Pectra network upgrade for Ethereum on May 7 could potentially increase investor interest and positively impact ETH's price.
- Market responses indicate a potential thaw in U.S.-China trade tensions, with favorable reactions to trade negotiations and strong Q1 corporate earnings.
- BTC broke above key resistance levels and rallied to $97,424, facing strong resistance at $100,000 and $110,000, with $90,000 now acting as support.
- ETH exhibited a recovery after hitting a low of $1,385, trading in a range and needing to sustain above $1,850 to potentially rally towards $2,150.
- SOL experienced a significant drop from its all-time high, displaying indecision in trend and needing to break resistance at $155 to test $175, with strong support at $120 and $95.
- The weekly snapshot shows BTC with a 2.71% increase, ETH up by 3.91%, and SOL down by 0.95%, with resistance and support levels outlined for each asset.
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