nickthomas2@benzinga.com
Sat, May 10, 2025, 11:02 AM 4 min read
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Bitcoin saw a sharp recovery Tuesday evening, following news that China confirmed plans to begin trade negotiations with the U.S. This development brought renewed optimism to global financial markets, with Bitcoin responding in kind. After spending much of the day in the red—down 1.45% at one point—the cryptocurrency surged late in the session, closing the day with a solid 2.2% gain.
The low for the day was made during the U.S. equities market open, a time often associated with increased volatility and liquidity. As stocks dropped briefly, Bitcoin followed suit, only to quickly recover. That bounce helped the asset hold above $92,700—a key area on the daily chart—forming what many see as another higher low in a continuing bullish structure.
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This pattern of higher lows has been consistent since April 10, suggesting that despite short-term pullbacks, the overall trend remains to the upside. Market structure is one of the key factors traders use to gauge momentum, and Bitcoin’s current formation suggests that buyers are still in control. The resilience around each dip continues to attract attention, especially among technical traders who prioritize trend continuation over short-term price swings.
Looking forward, there are several notable resistance levels that Bitcoin traders and investors are watching:
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$97,865 – This is the most recent local swing high where the market was previously rejected. A clean breakout and close above this level would likely signal a strong continuation of the uptrend and could trigger momentum buying from both retail and institutional participants.
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$100,112 – This level marks an area of repeated rejection earlier this year, forming what’s referred to as a triple top. In late February, Bitcoin tried multiple times to break through this level but was unable to hold above it, leading to a steep sell-off. Reclaiming this price zone would be a meaningful technical signal and might mark a shift in longer-term sentiment.
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$110,000 – Seen as the holy grail for many bulls, this level represents the all-time high. A move back to this price point would suggest that Bitcoin has not only recovered from previous drawdowns but is also ready to enter price discovery once again. It’s a psychological barrier as much as it is a technical one, and reaching it could bring a wave of fresh capital into the market.
