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Bitcoin Price Heading Towards Critical Support Level, But a Major Bull Run Lies Ahead: Analyst
By: crypto mode|2025/05/07 00:15:01
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April opened with Bitcoin trading at around $85,000, extending the uncertainty that followed March’s high-volatility swings. By April 6, the asset had dropped below $78,000, with a temporary low near $75,000 after President Donald Trump announced reciprocal tariffs—a policy shift that triggered a sharp selloff across risk markets. April was one of the most volatile months for Bitcoin (and crypto in general, for that matter). But oddly enough, the volatility collapsed almost as quickly as it had spiked. Within eight days, one-week realized volatility plunged from 94% to 16%, marking one of the fastest contractions since October 2022, helping the Bitcoin price stabilize near $85,000. But the second half of the month flipped the tone entirely. Between April 21st and April 25th, spot Bitcoin ETFs recorded over $3 billion in net inflows. By April 29th, BlackRock alone added over $1 billion in BTC . Can Bitcoin Maintain This Critical Support Level? Currently, BTC is trading above $94.6k, a minimal change of 0.4% in the week, as per CoinGecko data . As the BTC price stalls around this area, popular crypto trader Ali Martinez has highlighted a critical support level at $93,198. The most critical support for #Bitcoin $BTC is at $93,198. If it fails, the next key level to watch is $83,444. pic.twitter.com/bWGWrlD2Yd — Ali (@ali_charts) May 6, 2025 This range reflects heavy buyer activity according to the UTXO Realized Price Distribution (URPD) data and has acted as a base throughout recent volatility. Glassnode metrics show Bitcoin traded below similar price levels for 56 of the last 90 days, signaling prolonged drawdown pressure on holders. If that level fails, Martinez points to $83,444 as the next major level —an area tied to significant accumulation in earlier market phases. Pull Back or Pull Up Incoming? Despite price weakness, on-chain data shows the market remains structurally intact. As of early May, around 88% of Bitcoin’s circulating supply is still in profit, up sharply from April when profitability fell to 75% during the correction. That figure suggests investor positioning remains strong and reduces the likelihood of immediate forced selling, even as price tests key levels. Read more: Cardano on the Brink? ADA Could Crash to $0.54 Unless This Breakout Happens READ ALSO Cardano on the Brink? ADA Could Crash to $0.54 Unless This Breakout Happens Crypto Market Plunges 3% While Bitcoin Fails to Reclaim $100K Disclaimer This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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