Bitcoin is trading above $80,000 as the first full week of May opens, pressing against the ceiling of its recovery. Analysts note the structure is the most constructive since the cycle peak, with the 100-day moving average now firmly reclaimed and on-chain data from the February lows beginning to pay dividends. The immediate test is a clean daily close above the $80,000 supply zone.
Bitcoin’s price action is challenging a key supply zone near $80,000, marking the upper boundary of its recovery. The cryptocurrency has spent several consecutive days holding above the 100-day moving average near $72,000, confirming its reclaim.
The Relative Strength Index is sustaining in the 60–65 range, showing healthy momentum without the overbought excess seen before prior failed breakouts. A daily close above $80,000 would open the path toward $90,000 and potentially the $100,000 area.
On the downside, the 100-day MA around $72,000 and the lower channel boundary near $70,000 are the first support levels. On shorter timeframes, a steeper trendline from early April lows has acted as dynamic support near $76,000.
The Miners’ Position Index tells a compelling story of this recovery cycle. When Bitcoin was grinding through its February lows near $60,000, the MPI plunged below -1.0, a threshold that has historically marked periods of miner accumulation.
“Miners were not panic-selling into the capitulation; they were holding and absorbing,” the data indicates. With BTC now trading higher, the MPI has recovered but remains below zero, pointing to lower distribution pressure from miners compared to the market peak.
