- The first partial week of May closed above $78,000, helped by capital inflows into bitcoin ETF, inspires optimism for further growth.
- Consolidation above the center of the Bollinger Bands opens the way to the upper boundary of the channel at $95,600.
The beginning of May began with a technical and fundamental trap for Bitcoin short sellers.
The main feature of the chart was a weekly candle with a long lower wick, which at the time of writing is clearly closing above the middle Bollinger band at $76,589, according to According to TradingView.
Bitcoin’s price has already broken through this level, pulled back, tested the zone below the average demand band, and bounced again. This wick indicates aggressive buying: while retail participants hesitated, “smart money” used the local decline to increase their positions.
Spot data ETF + Bitcoin In the US, this week, they’ve been explaining why bearish pressure didn’t work. After three days of outflows from April 27 to 29, when the market lost almost $500 million, the trend has reversed.
On According to SoSoValue, in just one trading day on May 1st, the net inflow of funds into ETF amounted to $629,73 million. This huge inflow completely compensated for the outflow and became the factor that pulled the candle wick up.
When a technical pin bar pattern above the middle Bollinger band is confirmed by such an influx of real money, the likelihood of continued growth increases as the candle wick indicates that there is strong demand for Bitcoin is below $76,500. Consolidation above the center of the Bollinger Bands opens the way to the upper boundary of the channel, located at $95,600.
A combination of a bullish close to the week and renewed aggressive buying ETF makes the move to $95,600 the baseline scenario for May 2026.
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