Analysts Indicate That The Most Important Support Level For Bitcoin Is 91,200 USD - What's Next?

Bitcoin started May with bullish momentum similar to the last weeks of April, creating a psychological boost towards the $100,000 level. With the leading cryptocurrency seemingly back on a bullish path, a prominent crypto analyst has issued some warnings for extremely optimistic BTC investors regarding the future trajectory of this coin. BTC Price Could Continue to Be Bullish If Support Is Maintained In a post on May 2nd on platform X, cryptocurrency expert Burak Kesmeci presented an interesting outlook on the current Bitcoin setup, identifying a price level that could be very important for the long-term health of this coin. The online expert delved into the price structure of BTC and potential future fluctuations based on the Pi Cycle Top indicator. The Pi Cycle Top indicator is a forecasting tool that uses two main moving averages: the 111-day short-term moving average and the 350-day moving average to identify the peak of the Bitcoin bullish cycle. Historically, the crossover of the short-term MA above the long-term MA signals a potential price top in the Bitcoin market. According to the current situation, these two Pi Cycle moving averages are moving in opposite directions, indicating that the price of Bitcoin may still have some room for growth during this cycle. At the same time, the 111-day moving average could serve as a support level, often signaling buying opportunities for investors looking to enter the market or double down. As observed in the chart below, the price of Bitcoin tends to recover whenever it touches the short-term moving average.

According to Kesmeci, the 111-day moving average is currently fluctuating around the level of $91,200, which is the most important support area as the price of Bitcoin approaches the weekly closing level. The online chain analyst expects this leading cryptocurrency to continue its current bullish trend if it manages to close above several weekly closing levels on the short-term moving average. Overview of Bitcoin Price As of the time of writing this article, BTC is priced at around $96,685, reflecting a bullish increase of only 0.2% in the past 24 hours. Although this leading cryptocurrency has not replicated last week's hot performance this week, it has had a strong start to the new month.

This leading cryptocurrency continues its strong growth in May by starting the new week with positive momentum, reaching a high of $97,800 on Friday, May 2. According to data from CoinGecko, the price of Bitcoin has increased by over 2% in the past seven days.