Bitcoin ($BTCCryptocurrencies are approaching two major resistance zones that could determine the next direction of the market, according to crypto analyst Michael Van de Poppe.
In a May 9 post on X, analysts identified the first major resistance area to be between $86,000 and $88,000, with the second, more important zone being between $93,000 and $95,000, coinciding with Bitcoin’s 50-week moving average (MA).
Poppe noted that in previous market cycles, including 2017, 2021, and 2024, Bitcoin’s initial recovery rebounds were often met with pullbacks near previous support levels or the 50-week moving average before establishing a sustained uptrend. He suggested that the current setup follows a similar pattern.
His analysis shows that while Bitcoin has recently fallen below its 50-week moving average, the 200-week moving average is acting as a key long-term support near the low $70,000 area.
The analysis also identified the $93,000 to $95,000 zone as a resistance area where sellers could regain control if the rally weakens.
This outlook suggested that Bitcoin could consolidate below resistance for several weeks, similar to previous cycles where an extended range period allowed altcoins to outperform ahead of a broader uptrend.
To this end, the expert added that he believes the bottom of the broad bear market is already here, although Bitcoin may retest the $70,000 to $75,000 range before continuing higher.
Bitcoin exchange reserves decrease
Additional on-chain data shared by analyst Ali Martinez on May 8 reinforced the long-term bullish outlook.
Martinez reported that around 7,400 bitcoins were withdrawn from exchanges in the past week, a move that typically follows a reduction in immediate selling pressure as investors move their holdings to personal wallets for long-term storage.
Bitcoin reserves on trading platforms are steadily decreasing towards $2.675 million, according to data $BTC level.
Historically, declines in exchange balances have often coincided with strengthening price support. This is because fewer coins available on exchanges reduces short-term sell-side liquidity, which can increase bullish momentum if demand remains high.
Bitcoin price analysis
Recent price trends this week indicate a modest increase, but the situation remains volatile, leading to a bullish outlook.
Bitcoin briefly fell below $80,000, but has since recovered. In the last 3 months $BTC It has risen from about $63,000 to the $80,000 range, indicating a solid recovery, but remains well below the all-time high of over $125,000 reached earlier in the cycle.
At the time of writing, Bitcoin was trading at $80,780, up about 0.5% over the past 24 hours. On a weekly basis, the asset rose nearly 3%.
Volatility has been relatively subdued in recent trading, and analysts note that if bullish factors such as continued ETF inflows and supportive technical indicators persist, a breakout toward $85,000 is possible.
