Crypto would be “well-positioned” for a test of its all-time high
Crypto would be “well-positioned” for a test of its all-time high: Tyler Richey, editor of Sevens Report Technicals Quoted in MarketWatch
Bitcoin rallies with stocks to top $100,000 again as exuberance returns to markets
The key resistance bands facing bitcoin lie in the $106,500 and $101,500 areas, according to Tyler Richey, technical analyst and co-editor at the Sevens Report. If bitcoin ends Thursday near its current level above $101,000, the crypto would be “well-positioned” for a test of its all-time high at $109,225, Richey told MarketWatch in emailed comments.
However, if bitcoin falls below its near-term support level at $93,780, it may face a pullpack toward $80,000, Richey said.
Still, the technical setup for bitcoin is less encouraging from a weekly timeframe with the relative strength index, a momentum indicator, standing above 50.
While the index is still positive, it is much lower than its recent peak in December, when the momentum reading hit a high at a bit below 80 and later powered bitcoin’s January rally, Richey noted.
Also, click here to view the full article featured on MarketWatch published on May 8th, 2025. However, to see the Sevens Report’s full comments on the current market environment sign up here.
If you want research that comes with no long term commitment, yet provides independent, value added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.
To strengthen your market knowledge take a free trial of The Sevens Report.
Join hundreds of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here.
