By Chris Hollingworth 
Bitcoin is currently embroiled in a fierce battle between bullish and bearish forces at the crucial $95,000 level. Despite slipping below this level on May 4, there are signs of optimism in the market. Notably, spot Bitcoin ETF investors showed strong buying activity last week, hinting at a shift towards positive investor sentiment. Additionally, select altcoins have managed to hold their support levels, increasing the likelihood of a potential short-term uptrend.
While the bulls attempted to push Bitcoin back above $95,000 on May 5, they faced significant resistance from the bears. Glassnode senior researcher CryptoVizArt highlighted that maintaining Bitcoin above $93,000 was both surprising and risky, as profit-taking volumes surged to unprecedented levels. The influx of $1.8 billion into US-based Bitcoin exchange-traded funds last week further supports the bullish case, with ETF issuers and institutions acquiring a substantial amount of Bitcoin compared to the newly mined coins during the same period.
Looking ahead, it’s essential to monitor the critical support and resistance levels in both Bitcoin and alternative cryptocurrencies. Analyzing the charts of the top 10 cryptocurrencies can provide valuable insights into potential price movements.
In other market news, the S&P 500 Index showed signs of recovery last week, surpassing the 50-day simple moving average. With the 20-day exponential moving average turning upwards and the relative strength index in positive territory, buyers currently hold the advantage. However, a potential resistance level at 5,800 could attract selling pressure from bears, with support expected at the 20-day EMA.
The US Dollar Index bounced off the 99 support level and approached the 20-day EMA, facing resistance from buyers. A break above the 20-day EMA could lead to further gains towards key levels, while a decline below 99 may signal a bearish outlook for the index.
Bitcoin closed below $95,000 on May 4, prompting bearish momentum towards the 20-day EMA. To sustain bullish momentum, buyers must defend the 20-day EMA and target the psychological $100,000 level. Conversely, a breach below the 20-day EMA could indicate a bearish trend, potentially leading to a pullback towards the 50-day SMA.
Ether has shown strength by staying above moving averages, with the 20-day EMA sloping upwards and the RSI in positive territory. The ETH/USDT pair could face resistance at $1,957 before aiming for the $2,111 level, where bears might step in. Monitoring these key levels and indicators can help investors navigate the current market conditions effectively.
