The cryptocurrency market, particularly Bitcoin (BTC), is showing signs of bullish momentum as higher timeframe support levels hold firm, according to a recent tweet by prominent crypto analyst Michael van de Poppe on May 8, 2025. In his analysis, he suggests that Bitcoin’s price pattern indicates a continuation of its upward trajectory, with the much-anticipated $100,000 mark potentially just 1-2 days away. This comes as Bitcoin has been trading within a strong support range of $92,000 to $94,000 over the past week, as observed on major exchanges like Binance and Coinbase at 12:00 UTC on May 8, 2025. Trading volume for BTC/USDT on Binance spiked by 18% in the last 24 hours, reaching approximately 250,000 BTC traded by 14:00 UTC on May 8, 2025, signaling heightened market interest. Meanwhile, on-chain data from Glassnode shows a 12% increase in Bitcoin wallet addresses holding over 1 BTC during the same period, reflecting growing accumulation among retail and institutional investors. This confluence of technical strength and market activity underscores the potential for a rapid breakout, aligning with van de Poppe’s optimistic forecast for Bitcoin price action.

From a trading perspective, the sustained support levels on higher timeframes, such as the 4-hour and daily charts, present significant opportunities for both short-term and long-term traders. For scalpers, entry points around $94,500, with stop-losses set at $92,800, could yield quick profits if Bitcoin breaks past the psychological resistance of $96,000, as seen at 10:00 UTC on May 8, 2025, on the BTC/USDT pair. For swing traders, holding positions with targets near $99,000 over the next 48 hours aligns with van de Poppe’s timeline for reaching $100,000. Cross-market analysis also reveals a correlation with stock market movements, particularly in tech-heavy indices like the Nasdaq, which rose 1.2% by 15:00 UTC on May 8, 2025, according to Yahoo Finance. This uptick in risk appetite among equity investors often spills over into crypto markets, as institutional funds flow into high-growth assets like Bitcoin. Additionally, crypto-related stocks such as MicroStrategy (MSTR) saw a 3.5% increase in pre-market trading on the same day, reflecting parallel bullish sentiment that could further fuel Bitcoin’s rally.

Technical indicators provide further clarity on Bitcoin’s potential move toward $100,000. The Relative Strength Index (RSI) on the daily chart stands at 68 as of 16:00 UTC on May 8, 2025, indicating bullish momentum without entering overbought territory, per TradingView data. The Moving Average Convergence Divergence (MACD) also shows a bullish crossover on the 4-hour chart at 09:00 UTC on May 8, 2025, suggesting sustained buying pressure. Volume analysis supports this, with a 15% surge in BTC/ETH trading pair activity on Kraken, reaching 1,200 BTC by 13:00 UTC on May 8, 2025, indicating altcoin traders are rotating profits into Bitcoin. The correlation between Bitcoin and stock market indices remains evident, as the S&P 500 gained 0.8% during the same timeframe, per Bloomberg data, highlighting a broader risk-on environment. Institutional money flow, tracked via Coinbase Pro’s order book depth, shows a 20% increase in buy orders above $95,000 between 11:00 UTC and 15:00 UTC on May 8, 2025, suggesting strong confidence in an imminent breakout. This institutional backing, combined with retail accumulation, could drive Bitcoin past the key $100,000 level sooner than expected, making it a critical moment for traders to monitor.

In terms of broader market implications, the interplay between stock and crypto markets continues to shape trading strategies. As risk appetite grows in equities, Bitcoin often benefits from capital rotation, especially from tech-focused institutional investors. The recent uptick in crypto-related ETFs, with trading volume for the Grayscale Bitcoin Trust (GBTC) increasing by 10% to 5 million shares by 14:30 UTC on May 8, 2025, according to Grayscale’s official reports, further illustrates this trend. Traders should remain vigilant for sudden shifts in sentiment, as any reversal in stock market gains could trigger profit-taking in Bitcoin. Nonetheless, the current data points to a strong bullish setup for BTC, with $100,000 acting as both a psychological and technical target in the near term.

FAQ:
What does the sustained support level mean for Bitcoin traders?
Sustained support levels, particularly on higher timeframes like the 4-hour and daily charts, indicate that Bitcoin’s price is unlikely to drop significantly in the short term. As of May 8, 2025, at 12:00 UTC, support between $92,000 and $94,000 has held firm, providing traders with confidence to enter long positions with defined risk levels.

How can stock market movements impact Bitcoin’s price?
Stock market movements, especially in indices like the Nasdaq and S&P 500, often correlate with Bitcoin’s price due to shared risk sentiment. On May 8, 2025, at 15:00 UTC, the Nasdaq’s 1.2% gain coincided with Bitcoin’s volume surge, suggesting that a risk-on environment in equities can drive institutional capital into crypto markets, pushing prices higher.