US equities also moved higher on the same session, though the day prior had been more cautious after escalated global tension.
Bitcoin News
Bitcoin (BTC) climbed to $81,714 on Bitstamp on May 5 as Wall Street opened for trading. The price marked a 13-week high for the asset. US equities also moved higher on the same session, though the day prior had been more cautious after escalated global tension put pressure on risk assets broadly.
Oil pulled back on May 5, with WTI crude falling nearly 3%. Trading account Cryptic Trades wrote on X that BTC remains in distribution around a long-term resistance level that marked the macro top in 2022. It added that the midterm trend would shift lower at some point, potentially coinciding with a ceasefire deal in the ongoing geopolitical conflict.
Trader Daan Crypto Trades on the same day identified the low $80,000s as a decisive zone. He noted that the range aligns with November 2025 price lows and sits just below the daily 200-period simple and exponential moving averages (MAs). He also drew a parallel to January 2026, when BTC formed similar local highs before breaking down and falling below $60,000.
"Acceptance higher can lead to a further bounce back into the $90Ks, but a rejection will likely keep this rangebound with $80K as the ceiling for a while," Daan Crypto Trades wrote on X.
Cycle History Complicates Bull Case
Analyst Rekt Capital argued that the current bear market is shorter than historical cycles suggest. He said a sustained breakout from the macro downtrend at this stage would require BTC to contradict patterns that have held across multiple previous cycles. On May 4, he wrote that the growing belief that the bear market bottom is already in is a popular narrative, but not a confirmed outcome.
Bitcoin price forecasts have grown more varied in recent days. Some analysts have placed a one-year target as high as $250,000. Others have described the current recovery as a bull trap. The gap between those two positions reflects the uncertainty around whether $80,000 represents a ceiling or a base for the next move.
Short Bitcoin products also drew $6 million in inflows last week, according to CoinShares data, suggesting some investors were positioning defensively even as the price recovered. Total assets under management across global crypto investment products held at $155 billion.
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