Bitfinex Report: If Bitcoin Can Hold Above the Key $95,000 Support Level, Bull Market Structure Could Continue

BlockBeats News, May 5th, Bitfinex released a report stating, "Bitcoin saw a strong rally in April, rising by 14.08%. It not only outperformed its historical average performance in April but also successfully reversed the deep retracement trend at the beginning of the month. Bouncing back from the April low of $74,501 to nearly $98,000, a gain of over 32%, showcased its resilience amidst macroeconomic turmoil and shifting risk sentiment.

Bitcoin's $95,000 key level was the lower boundary of a three-month range consolidation prior, and has now become a key technical support level. If this level can be held, especially with the current price staying above the short-term holder's cost (at $93,340), it may set the foundation for a return to historical highs.

On-chain data also supports this trend: miner reserves remain stable, and the Puell Multiple indicator indicates a lack of selling pressure from large-scale miners, reflecting their confidence in future price increases. Although the short-term trend still depends on whether Bitcoin can turn this technical rebound into solid support, the overall structural signal leans bullish. Once the macro environment stabilizes, there is potential to continue the current bull market cycle."

Note: The Puell Multiple indicator measures whether miners' daily revenue is high or low compared to the average level of the past year.