Market Setup We’re Watching — May 8

Bitcoin is once again testing a major psychological barrier as it hovers just below $100,000. After a strong multi-day rally from around $96,000, the market is now in a critical decision zone.

📊 Technical Overview

Resistance: $99,750 – $100,000 (key breakout zone)
Support: $98,500 (recent base), $96,000 (previous consolidation zone)
RSI (1D): In overbought territory — suggesting caution
EMA20 (1D): Price is holding above EMA — trend remains bullish

The daily chart shows a clear upward structure, with momentum pushing price into uncharted resistance territory. However, a visible decline in volume over the past 24 hours indicates potential exhaustion or hesitation at current levels.

🌐 Fundamental Drivers

Institutional flows: Over $4.5B has flowed into BTC ETFs in the last 2 weeks — signaling strong institutional demand.
Macro backdrop: Recent easing in US–UK trade tensions helped reduce global risk aversion, adding support to BTC.
Regulatory news: Lack of progress on Bitcoin Strategic Reserve Act in the US may be capping short-term enthusiasm.

📈 Potential Scenarios

Bullish: A breakout above $100K on strong volume could quickly trigger momentum toward $105,000–$108,000.
Bearish: Failure to hold $98,500 may lead to a pullback toward the $96,000–$95,500 region.

Right now, the market is coiling. The next decisive move is likely to be fast and directional.

💡 Trader Insight

Don’t chase green candles blindly. Let the breakout confirm — or wait for a clean retest with rising volume. RSI suggests short-term cooling may be healthy.

This is not a signal — it’s structured thinking.