After surging past $95,000 in late April, Bitcoin price today shows signs of weakness near the $96,000 resistance zone. On May 6, BTC traded in a narrow range between $94,024 and $94,921, with the price currently consolidating near $94,580. This pause comes after an extended breakout from April’s downtrend structure. With momentum indicators now cooling off, the next 24 hours could determine whether Bitcoin reclaims the $96K+ level or retraces to lower supports. Bitcoin (BTC) Price Action on Daily Chart: Uptrend Pausing Below Distribution Zone BTC/USD price dynamics (Source: TradingView.) The daily chart highlights a decisive breakout above the descending trendline from the March–April structure, flipping $92,000–$93,000 into a confirmed support block. The price action now pauses just below a historical resistance band between $96,000 and $100,000—a zone where sellers have historically dominated. This area has previously acted as a supply zone and continues to cap upside momentum. Support remains strong at the $91,800–$92,500 region, marked by previous consolidation and accumulation in April. The uptrend remains structurally intact unless BTC breaks below the 21-day EMA or re-enters the previous breakout range. Bitcoin (BTC) Price Update on 4H Chart: EMA Zones & Resistance Compression BTC/USD price dynamics (Source: TradingView.) On the 4H chart, BITCOIN Price Action shows a slight bearish divergence as the price struggles to reclaim the lower edge of the supply zone at $95,200–$95,800. The 50 and 100 EMA levels, now closely stacked near $94,800, are acting as a short-term pivot. The 200 EMA is further below near $90,350, forming the lower buffer zone if a correction unfolds. Price is currently sandwiched between short-term bullish structure and mid-resistance compression. A sustained move above $95,800 could open up the path toward $97,400–$98,000, while failure here risks testing the $93,500–$92,800 range again. RSI and MACD Momentum: Why Bitcoin Price Going Down Today? BTC/USD price dynamics (Source: TradingView.) The Relative Strength Index on the 4H chart currently reads 45.04, indicating neutral territory after dropping from the overbought range seen on April 23. Momentum is still holding above the 40 mark, signaling consolidation rather than a breakdown. MACD, on the other hand, continues to flash a divergence from price. Both signal and MACD lines are below zero, while the histogram prints shallow red bars—signaling weak bearish momentum. A fresh crossover is required for bullish confirmation. Bitcoin (BTC) Price Volatility Squeeze: Bollinger Bands & Ichimoku Cloud Outlook BTC/USD price dynamics (Source: TradingView.) Bollinger Bands on the 4H frame show price compressing between the basis line and lower band, which currently stand at $95,231 and $93,474 respectively. This volatility squeeze suggests a likely directional move in the next session. Meanwhile, the Ichimoku Cloud on the 30-minute chart shows BTC stuck under the Kumo resistance, with the Tenkan-sen and Kijun-sen both tracking flat near $94,500. This reflects indecision, with bulls needing a decisive push through the cloud to confirm a bullish reversal. Intraday Trend & Resistance Levels: What’s Driving the Bitcoin Price Spikes? BTC/USD price dynamics (Source: TradingView.) The 15-minute and hourly charts show a descending trendline from the recent $96,400 top still intact. Price is now attempting to break above this intraday trendline, currently capped near $95,054. A breakout from this level is required to shift momentum. The short-term support band between $93,600–$93,800 remains structurally important. If BTC fails to hold this zone, the next visible demand block is near $92,000. Bitcoin (BTC) Price Forecast Table – May 7, 2025 Scenario Key Zone (USD) Probability Commentary Bullish continuation $95,800 – $97,400 Moderate Breakout above trendline opens path to new May highs Sideways movement $93,500 – $95,500 High Price consolidating under supply zone and within EMA cluster Bearish retracement $91,800 – $93,200 Low–Moderate Breakdown of short-term support could lead to 21-day EMA test Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.