Bitcoin Price Today, May 2: Cryptocurrency Tests Resistance at $97K

• Bitcoin surges 25% as on-chain accumulation soars
• Mining metric indicates new BTC bottom
• Long-term investors reinforce Bitcoin scarcity

As of Friday, May 2, 2025, Bitcoin (BTC) is currently trading at approximately US$96.969,28 on the global market, while in BRL its price is around R$548.037,05. In Euros, the asset is quoted at around €85.406,09.

Bitcoin (BTC) has seen a massive 25% surge since April 9, when it traded just below $74.000. In early May, the asset broke above $96.500, reflecting a sustained recovery trend amid reduced volatility, lower exchange supply and continued on-chain accumulation.

Bitcoin price

According to analyst Robert Breedlove, the current price action goes beyond short-term speculation. He points out that mining metrics, especially the average production cost of miners, indicate a possible market floor. For him, Bitcoin may be on the verge of a new high, considering that the equilibrium cost has a history of marking cycle bottoms since 2016.

I don't normally speculate on short-term # Bitcoin price action — but some friends of mine have provided some fascinating perspectives that I want to share.🧵 👇

Bitcoin is up 25% from its April 9th ​​low and there's a handful of indicators that show a major bull market around the… pic.twitter.com/IIHGyDGzES

— Robert ₿reedlove (@Breedlove22) May 1, 2025

Breedlove explains that in rational markets, assets rarely trade below their cost of production. This usually eliminates inefficient miners and reduces selling pressure, paving the way for appreciation. According to data from Blockware, this equilibrium line is once again active, pointing to a bottom and indicating favorable conditions for a recovery.

Additionally, long-term investors continue to accumulate Bitcoin. Over the past 30 days, around 150.000 BTC have been added to these holders’ portfolios, despite the price fluctuation. This holding stance contributes to the scarcity effect in the market.

The movement has also been driven by large institutional investors. On-chain data indicates that so-called “whales” acquired approximately US$4 billion in BTC in the last two weeks of April. In parallel, spot Bitcoin ETFs registered continuous inflows between the 17th and 30th of that month.

Another relevant point is that the amount of Bitcoin available on exchanges has fallen to its lowest level in five years. “Bitcoin is running out of sellers in the $80 to $100 range,” Breedlove said, reinforcing the thesis of scarcity and potential appreciation.