According to the TradingView chart published today, Bitcoin continues to hold steady above the crucial $103,000 level.
The flagship cryptocurrency currently trades at $103,637, showing resilience with a modest 0.57% gain over the past 24 hours.
The recent price action forms what analysts identify as a bull pennant pattern on the daily timeframe, potentially signaling further upside momentum.
Bitcoin’s Relative Strength Index (RSI) remains at 62, indicating room for growth before reaching overbought territory.
The price comfortably sits above both the 50-day moving average of $91,700 and the 200-day average of $85,300, confirming the strong bullish trend.
Key support now stands at $102,348, with the psychologically important $100,000 level serving as a major floor.
Ethereum has emerged as the standout performer, surging 4.99% to $2,359.60. This impressive rally follows the successful implementation of its Pectra upgrade earlier this week.
Bitcoin Maintains $103,000 Support as Ethereum Rallies Following Successful Upgrade.
Bitcoin Maintains $103,000 Support as Ethereum Rallies Following Successful Upgrade
The upgrade reduces network fees, simplifies ether staking, and enhances support for smart wallets.
Ethereum’s RSI reads slightly higher at a 65, suggesting stronger momentum compared to Bitcoin.
Several altcoins have posted remarkable gains in the past 24 hours. Dogecoin jumped 12.58% to $0.2213, while Litecoin surged 8.39% to $103.6.
The meme coin sector witnessed extraordinary performance with DOOD skyrocketing 1296.67%, followed by GOAT (+63.78%) and MUBARAK (+53.39%).
Institutional interest continues to fuel the market’s upward trajectory. Bitcoin ETF net flows totaled $321.4 million on May 9, with iShares Bitcoin Trust leading at $356.2 million.
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Meanwhile, Grayscale’s GBTC experienced outflows of $65.2 million, highlighting the rotation among institutional investors.
On-chain metrics reinforce the bullish sentiment. Bitcoin’s net exchange flow decreased by 15,000 BTC over the past week, indicating reduced selling pressure.
Additionally, wallet addresses holding over 0.1 BTC increased by 3.2% between 12:00 and 18:00 UTC on May 10, signaling continued retail accumulation.
The broader market sentiment reflects growing optimism. The Crypto Fear & Greed Index stands at 70, firmly in “Greed” territory. This represents a significant shift from the cautious sentiment that prevailed throughout April.
Macroeconomic factors play a crucial role in the current market dynamics. The Federal Reserve’s decision to maintain interest rates at 4.25%-4.50% has stabilized risk appetite.
However, concerns about inflation persistence and tariff-related tensions continue to influence the crypto market.
Trading volumes have surged with Bitcoin’s price action. BTC/USDT on Binance peaked at $11.3 billion on May 9, representing a 20% increase from the previous day.
This heightened activity suggests growing investor interest as Bitcoin consolidates near its multi-week high.
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