Bitcoin (BTC) continues to demonstrate resilience, hovering near the $80,874 mark as of May 10, with daily highs and lows around $81,026 and $80,237 respectively. This price action keeps the leading cryptocurrency close to the $81,000 threshold, extending a gradual weekly recovery.
Analyst Michaël van de Poppe emphasizes a straightforward bullish scenario for Bitcoin, contingent on the asset maintaining its position above the 21-period moving average. He identifies $79,000 as the primary near-term support level, with $76,000 acting as a secondary defense line if the first level is breached. According to van de Poppe, the 21-MA remaining below price is the critical condition for continued upward movement.
On-chain data from CryptoQuant analyst Carmelo Alemán reveals that Bitcoin’s adjusted Spent Output Profit Ratio (aSOPR) has stayed above 1 for nine consecutive days since May 1. This metric, which indicates whether spent coins are moving at a profit or loss, suggests that sellers are consistently realizing gains. Alemán notes that the extended duration of this streak reduces noise and indicates the market has effectively absorbed profit-taking without significant disruption.
Despite Bitcoin’s firm stance, van de Poppe warns of potential risks in the altcoin market. He observes that many altcoins are showing increased strength, a phase that could persist for several weeks but may signal the late stages of the current rally. He cautions that some altcoins could experience corrections of 30% to 50% around June or July. For Bitcoin, he identifies $86,000 to $88,000 as the next major resistance zone, followed by $93,000 to $95,000 near the 50-week moving average. The divergence between Bitcoin’s steady performance and altcoin exuberance highlights a cautious outlook for the broader crypto market.