Bitcoin started May strongly, rising 2% and trading with momentum within the consolidation range of $75,000 to $80,000.
Ali Martinez noted that the $80,000 resistance level is a key level that could trigger a short squeeze, with a target price of $84,000.
Strong ETF inflows of $6.299 billion, led by BlackRock, supported Bitcoin’s price and eased selling pressure.
The world's largest cryptocurrency, Bitcoin, started May strongly, rising nearly 2% after breaking through a key resistance level. Cryptocurrency analyst Ali Martinez said Bitcoin is currently trading in a narrow range, and liquidity data suggests the market may soon launch a strong push toward $84,000.
The BTC liquidity map shows key levels
According to Ali Martinez, Bitcoin is currently trading in a narrow range between $75,000 and $80,000. His latest Bitcoin liquidity heatmap shows heightened trading activity near key price levels.
The most important price level right now is $80,000. This area has accumulated a large number of short positions, making it a strong resistance zone.
Martinez believes that if Bitcoin breaks above $80,000, it could trigger a short squeeze, further pushing prices higher.
Bitcoin $BTC May Liquidity Roadmap:
— Ali Charts (@alicharts)May 2, 2026
As the new month begins, Bitcoin continues to consolidate within a narrow range. Meanwhile, we are seeing a significant buildup of orders, making these price levels critical to monitor in the event of a large-scale liquidation:
•…pic.twitter.com/kkSzudg7x3
According to Martinez's forecast, this move could push Bitcoin's price toward the $84,000 mark.
On the other hand, if Bitcoin fails to break above $80,000, traders may look to the support levels at $75,000, $73,000, and $70,000 to gauge its next move.
Top analysts believe Bitcoin still has room to rise: $95,000
Another prominent cryptocurrency analyst, Michael van de Poppe, is also optimistic about Bitcoin. He noted that the strong start in May suggests Bitcoin could rise further, driven by ETF inflows at the beginning of the month.
He believes this pattern is common: new inflows of capital typically push up the price of Bitcoin at the beginning of the month, followed by a slight pullback.
In my view, this looks like it’s about to break upward.
— Michael van de Poppe (@CryptoMichNL)May 2, 2026
The month started strong, with likely new inflows into ETFs as well.
This is a common end-of-month practice: new capital inflows = price increases for #Bitcoin, followed by... pic.twitter.com/6oeLzGTQd2
Van der Ploeg is watching the resistance zone between $86,000 and $88,000, with a larger target near the 50-week moving average at $93,000 to $95,000.
He added that if Bitcoin reaches that level, the bear market may be over. In this scenario, Bitcoin could first rise, then experience a healthy pullback near $80,000, before hitting a new all-time high later this year.
ETF fund inflows boost Bitcoin
Another major factor supporting Bitcoin is the return of institutional demand. U.S. spot Bitcoin ETFs recorded strong net inflows of $629.9 million on May 1, reversing a three-day trend of outflows.
Large institutions such as BlackRock, Fidelity, and Invesco have led the inflow of funds. BlackRock’s iShares Bitcoin Trust alone accounts for a significant portion of the total funds.
This steady inflow of funds helps absorb selling pressure and creates a stronger price floor for Bitcoin.
Bitcoin entered May with positive momentum, but the real test now lies at $80,000.
If bulls break through this level, momentum could strengthen rapidly, targeting $84,000. However, if the resistance holds, a short-term pullback may occur first.