Analyst: Bitcoin Breaks Key Psychological Resistance Level, Buying Pressure Strengthening

BlockBeats News, May 4th, LVRG Research Director of Research Nick Ruck stated: "Bitcoin has surpassed $80,000, breaking through the previous resistance zone that constrained price action over the weekend (US time zone). This rapid change has tilted short-term momentum clearly in favor of the bulls, confirming that buying pressure is strengthening following the recent pullback."

Zeus Research analyst Dominick John, on the other hand, pointed out that as the Bitcoin price broke through a "key" psychological resistance level, the market is undergoing a technical short squeeze.