Bitcoin’s Most Crucial Support Level: A Stubborn $91,200 – Is It Enough to Save Us?

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As May dawns, Bitcoin appears to be strutting into the new month with all the confidence of a ballerina attempting pirouettes on the edge of a cliff. The coin pushes toward the mythical $100,000 mark, a number that sounds more like a fairy tale than reality, but hey, we’re living in an age of miracles—or so it seems. As Bitcoin flaunts its bullish ambitions, there’s a voice of caution, a lone cryptic whisper in the wind—an analyst who’s not quite as thrilled as the rest of us dreamers.

Bitcoin’s Great Leap Forward… But Will the Floor Hold?

Enter Burak Kesmeci, a crypto guru with the foresight of a prophet (or perhaps the paranoia of one). In a post from May 2 on the X platform, he revealed a dazzling discovery that might very well hold the fate of Bitcoin’s future in its grasp—a price level that could either be Bitcoin’s salvation or its last stand. In a move that would make even the most stoic historian raise an eyebrow, Kesmeci analyzed Bitcoin’s price structure, forecasting its path forward based on the enigmatic Pi Cycle Top indicator. And no, it’s not a plot for a sci-fi movie.

The Pi Cycle Top indicator, a sophisticated piece of market wizardry, relies on two moving averages: a rapid, hot-tempered 111-day moving average and a more calm and measured 350-day moving average. Historically, the 111-day has danced above the 350-day during Bitcoin’s most prosperous days—much like a flag bearer leading the charge toward the top of a mountain. When they cross paths, the market’s life expectancy, it seems, enters its final act.

But here’s the twist: these two moving averages are now moving in opposite directions, suggesting that there might just be a little more room to grow in this particular cycle before the inevitable crash (because there’s always an inevitable crash, right?). The 111-day moving average is proving itself to be a steadfast floor—like the ground beneath your feet that you pray will hold as you walk through the minefield of crypto markets.

As shown in the chart below, Bitcoin seems to regain its composure whenever it touches this short-term support. It’s as if it’s caught in a dance, waltzing along and nervously eyeing the edge of a precipice.

Right now, the 111-day moving average hovers around the rather ominous level of $91,200. This level, dear readers, may be the final defense against disaster. Kesmeci believes that Bitcoin’s price could continue its upward trajectory if it manages to hold the line and close multiple weeks above this crucial threshold. But, let’s face it, we’re all just one misstep away from catastrophe. It’s a delicate balance.

Bitcoin Price: A Rollercoaster of Expectations

Currently, Bitcoin sits at the rather unexciting level of $96,685—up a mere 0.2% in the last 24 hours. If this were a movie, we’d be in the boring middle act, where things are quietly building up before everything explodes (or so we hope). It’s not quite as fiery as last week’s performance, but it’s not terrible either. Bitcoin did manage to start May on a positive note, reaching a heart-stopping $97,800 on Friday, May 2. In fact, it’s up more than 2% in the past seven days, which is like saying, “Hey, at least it didn’t completely tank.”

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2025-05-04 02:49