Market Overview – May 8, 2025

Bitcoin continues to defend the critical $95,000 support zone following the Federal Reserve’s decision to leave interest rates unchanged.

Bitcoin (BTC) price is continuing to defend the critical $95,000 support zone following the Federal Reserve’s decision to leave interest rates unchanged. As BTC trades above $97,000, analysts are keeping an eye on a potential breakout toward $100,000.

The world’s leading cryptocurrency is trading in a bullish structure above the 20-day Exponential Moving Average (EMA) at $93,091. This structure remains valid as long as the price stays above the 20-day EMA.

If the buyers manage to push the price above the immediate resistance at $97,895, they could encounter the next resistance at $100,000, followed by $107,000. However, a failure to hold the $95,000 support could lead to a deeper decline and retest the 50-day EMA at $87,441.

On the other hand, Ethereum (ETH) price is consolidating near the moving averages, which indicates that the selling pressure might be decreasing. A breakout above the 50-day EMA could open the door for a rally towards $1,957, followed by a move to $2,111.

However, if the sellers manage to break the $1,537 support, it could pave the way for a deeper decline to the Fib support at $1,368.

In the short term, the crucial support level to watch is $1,873. A drop below this level could trigger a continuation of the downward trend.

Here are the key levels to watch for the major altcoins:

XRP (XRP) is trading in a range between the $2 support and the resistance trendline, which could be crucial for the price's fate. A breakout above the trendline might open the door for a rally to $3.00.

However, if the sellers manage to break the $2 support, it could lead to a deeper decline and expose the $1.72 to $1.61 zone.

Binance Coin (BNB) is trading above the 50-day and 20-day EMAs, which indicates that the buyers are in control. The price is currently facing resistance at the Fib level of $620, which could be a barrier for further upward movement.

If the bulls manage to break this resistance, they could encounter the next resistance at $644. A breakout above this level might trigger a rally to the psychological level of $680.

On the other hand, if the sellers manage to break the $576 support, it could pave the way for a decline to the Fib support at $520 or even $500.

Solana (SOL) price is supported by the rising stablecoin inflows and increasing DEX volumes, which could be setting the stage for a recovery.

The crucial resistance level to watch is $153. If the buyers manage to break this level, it could lead to a rally to $180, followed by a move to $200.

However, if the sellers manage to break the $133 support, it could shift the focus to the Fib level of $110.

Dogecoin (DOGE) is neutral as it hovers near the 20-day and 50-day moving averages.

The bulls will be aiming for a breakout above the Fib level of $0.21, which could pave the way for a rally to $0.25 and $0.28.

On the other hand, if the sellers manage to break the Fib support at $0.14, it could shift the focus to the next support level.

Cardano (ADA) price remains in consolidation as it faces strong resistance at the Fib level of $0.75. If the buyers manage to break this resistance, it could lead to a rally toward the Fib level of $0.83.

If the price drops below the Fib support at $0.58, it could revisit the Fib levels of $0.54 or $0.50.

The recent bounce off the 20-day EMA at $3.14 suggests that the buyers are still in control. If the bulls manage to break the Fib resistance at $3.50, it could open the door for a move to $3.90.

Further resistance levels to watch are $4.25 and $5.00. However, if the sellers manage to break the Fib support at $2.86, it could shift the focus to the 50-day Simple Moving Average (SMA) at $2.61.

Chainlink (LINK) price is holding above the 50

News data source: kdj.com

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