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Today’s Bitcoin Market Analysis – The Possibility of a Bull Rebound Is Increasing

May 5th, Bitcoin successfully broke through the $80k mark, hitting a recent high. This breakthrough not only ended nearly four months of sideways consolidation but also shifted market sentiment from cautious observation to optimistic anticipation.

Looking back at recent trends, Bitcoin showed strong rebound momentum in April, climbing from a low of $65k, with the closing price at the end of the month stabilizing around $78k. After entering May, the price continued to steadily rise, with a single-day increase of 2.49% on May 1st, closing at $78,232.5; on May 2nd, it rose slightly by 0.58%, reaching a stage high of $79,158.8; on May 3rd, there was a minor pullback, but it still held above the critical support level of $78k. The breakthrough on May 5th is the concentrated explosion of this series of upward movements.

From trading volume data, market activity has recently increased significantly. On May 1st, Bitcoin trading volume reached 636.19MBTC, hitting a near-week high, indicating that inflows of new funds are continuing. This simultaneous rise in volume and price is usually seen as a sign of market strength and also provides momentum support for further price increases.

On the technical indicators front, the moving averages (MA) across multiple timeframes show a bullish crossover trend, with buy signals appearing on 5-minute, 15-minute, and hourly charts. The daily chart has also shifted from consolidation to an upward trend, indicating increasing market momentum. The funding rate is at its lowest level since October 2025, suggesting that leveraged speculative sentiment is moderate, which is conducive to stable market development and reduces the likelihood of extreme volatility.

On the news front, despite the brief flare-up between the US and Iran in the Strait of Hormuz, Bitcoin experienced a short-term dip but then rebounded strongly. The stubbornness of the bulls far exceeded our expectations, and the impact of the US-Iran conflict on the Bitcoin market is weakening.

Next, we need to closely monitor this week’s trend and how the weekly chart closes. If the weekly remains stable above $80k, it can confirm a successful breakout of the middle band of the Bollinger Bands, signaling that the bull market has resumed. Our approach should not be to short on rallies but to consider buying the dips.