Market updates

Bitcoin Faces Key Test Near $95K Resistance

Beginner

2025-05-05 | 5m

Bitcoin is holding steady above $94,000 as the market waits for updates on trade talks between the U.S. and China. Most major Asian markets were closed, causing low trading activity. Despite this, regional currencies strengthened, especially the Chinese yuan and Taiwan’s dollar. Taiwan's dollar rose sharply due to strong foreign investment and impressive profits from tech giant TSMC.

Investors are cautiously hopeful that the U.S. and China will reach a trade agreement. However, prediction markets remain doubtful, giving low odds for a deal soon. China’s Commerce Ministry is reviewing a U.S. proposal to restart talks, and former President Trump hinted that China wants a deal.

Bitcoin is currently stuck between $93,000 and $95,000, facing strong resistance. Experts say this price range is important for market direction. If Bitcoin falls below this level, it could return to a period of price stagnation. But if it breaks above $95,000–$98,000, there's less selling pressure and a chance it could climb toward a new all-time high, possibly over $100,000.

Source: CoinDesk

Futures Market Updates

In the past 24 hours, BTC futures saw a notable increase in trading volume (+44.58%) despite a drop in open interest (-2.18%), indicating significant short-term trading activity and possible position closures. In contrast, ETH futures experienced a modest rise in both volume (+14.75%) and open interest (+1.69%), suggesting steady inflows and growing investor engagement. Both BTC and ETH futures showed more short positions than long, though the long/short ratios were fairly balanced. BTC liquidations were more intense, especially on long positions ($79.88M vs. ETH’s $29.28M), hinting at higher volatility or leverage. Funding rates remained positive for both, but BTC's rate (0.0065%) was more than double ETH's (0.0031%), reflecting stronger bullish pressure in BTC markets.

BTC Futures Updates

Total BTC Open Interest: $62.47B (-2.18%)

BTC Volume (24H): $63.48B (+44.58%)

BTC Liquidations (24H): $79.88M (Long)/$3.76M (Short)

Long/Short Ratio: 48.74%/51.26%

Funding Rate: 0.0065%

ETH Futures Updates

Total ETH Open Interest: $21.26B (+1.69%)

ETH Volume (24H): $39.96B (+14.75%)

ETH Liquidations (24H): $29.28M (Long)/$4.23M (Short)

Long/Short Ratio: 48.92%/51.08%

Funding Rate: 0.0031%

Top 3 OI Surges

AURORA: $638.66K (+541.54%)

AVAAI: $32.05M (+138.53%)

NKN: $15.09M (+91.97%)

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