Bitcoin starts May on a strong foot, surges past the $78,000 mark

Bitcoin, the flagship crypto asset, started May on a strong note, surging past the $78,000 mark and initiating a bullish wave after many months in the red.

The crypto asset surged by 2%, breaking the key resistance level, and is currently trading for $79,975 at the time of this report. Despite the gains, Bitcoin is still roughly $21,000 off the $100,000 psychological barrier, which it broke last November.

After an impressive Q4 of 2024 following Donald Trump’s election victory, Bitcoin surged as high as $120,000. This was mainly due to Trump’s pro-crypto rhetoric and the promise of a Strategic Reserve.

Fast forward to 2026, Bitcoin witnessed an abysmal performance, dropping to a yearly low of $60,000 in February. The market saw prolonged retracements before the May surge, and analysts expect this trend to continue.

Celebrated Crypto Analyst Ali Martinez believes Bitcoin could hit $84,000, citing the crypto asset’s liquidity data.

” As the new month kicks off, Bitcoin continues consolidating within a tight range. Meanwhile, we are seeing significant clusters of orders building up, making these the most important levels to watch for large-scale liquidation events. The Overhead Barrier: $80,000. This is the primary psychological and technical ceiling. A massive wall of short-side liquidity has gathered here. Clearing this level could trigger a short squeeze, potentially igniting a rapid expansion toward $84,000.” Martinez Wrote on X

Using the theory of Support of Resistance, Martinez’s predictions suggest Bitcoin will surpass $84,000, but it fails to do so; it could drop to support levels of $75,000, $73,000, and $70,000 for the next move. He also thinks $80,000 is the new psychological barrier for Bitcoin’s performance this year.

Factors driving Bitcoin’s current surge include ETF inflows and favourable market sentiment. The 11 Bitcoin ETFs pulled in 629.8 million in inflows on Friday, the highest last week. BlackRock’s IBIT remains the largest Bitcoin ETF, pulling in $284.4 million on the day.

Last updated: May 4, 2026