Bitcoin Stabilizes at $96,300 After Testing $97,700 Resistance

Data from cryptocurrency exchanges and financial markets reveal Bitcoin trading at $96,264 on May 3, 2025, marking a slight decrease of 0.64% over the past 24 hours.

The leading cryptocurrency continues its impressive 14% growth over the previous month despite today’s minor pullback.

Bitcoin briefly surpassed Google’s market capitalization earlier this week, temporarily becoming the fifth most valuable financial asset globally.

The cryptocurrency market has gained significant momentum recently, adding approximately $300 billion to its total value in just two weeks.

This surge comes as Bitcoin edges closer to the psychologically important $100,000 threshold.

BlackRock’s Bitcoin ETF recorded massive inflows of $674.9 million on May 3 alone, highlighting growing institutional confidence in digital assets.

Ethereum currently trades at $1,841.43, a marginal increase of 0.14% from yesterday. The second-largest cryptocurrency has been consolidating above the crucial $1,800 support level throughout the week.

Technical analysts point to this consolidation as potentially bullish for Ethereum’s near-term prospects. Several altcoins have outperformed Bitcoin dramatically in the past 24 hours.

STO surged an impressive 69.51% to reach $0.2024 with substantial trading volume. WEMIX followed with a 41.13% increase, while AERGO and PUNDIX gained 21.18% and 17.63% respectively.

Bitcoin Stabilizes at $96,300 After Testing $97,700 Resistance

Bitcoin’s apparent demand turned positive for the first time since late February, according to on-chain metrics.

This crucial indicator rose to 65,000 BTC over the past 30 days, representing a significant reversal from March’s negative trend.

Market analysts interpret this shift as growing confidence among longer-term holders. Macroeconomic factors have created a favorable environment for cryptocurrency investments recently.

The US GDP contracted by 0.3% in the last quarter, increasing stagflation concerns. The probability of a Federal Reserve rate cut in June has risen from 57% to 60% within a week.

Bitcoin’s technical indicators show the cryptocurrency trading above key moving averages on daily timeframes.

Support levels exist at $96,200 and $95,500, while resistance remains at the recent high of $97,400.

Trading volume has increased substantially, with Bitcoin spot trading on Kraken surging 18% to $750 million on May 2.

Tracy Jin, MEXC’s COO, believes a summer rally toward $150,000 remains plausible if current market conditions persist.

Institutional interest continues growing despite some ETFs like Invesco reporting no new flows on May 3.

The cryptocurrency market now faces a critical juncture as Bitcoin approaches the six-figure milestone that seemed improbable just years ago.

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