Bitcoin is struggling just under $80,000, hitting the lower end of my target range. In today's crypto market update, I break down why I've shifted from being heavily bullish at $60K to neutral at $79K, and why I recently exited two-thirds of my personal Bitcoin position. We dive deep into the charts using the Winning Trader Methodology to analyze the micro-bull trends versus the massive macro-bear flags currently forming. Plus, we look at monumental pivot points for altcoins like Ethereum (ETH), Solana (SOL), Avalanche (AVAX), and XRP. Are they about to break out, or are they hanging by a thread? Video by Gareth Soloway.
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Bitcoin (BTC) is trading near $78,735 today, May 3, 2026, as it attempts to secure its highest weekly close since late January. The market is currently testing a significant $79,000–$80,000 resistance zone, driven by a mix of geopolitical headlines and sustained ETF accumulation.
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Timestamps
-Geopolitical Swings: A brief morning surge above $79,000 following a new diplomatic proposal from Iran was quickly reversed after U.S. presidential skepticism cooled risk appetite.
-Regulatory Shift: SEC Chair Paul Atkins testified that existing 1930s-era securities laws are inadequate for crypto, signaling a move toward purpose-built rulemaking rather than just enforcement.
-Leverage Warning: On-chain data from CryptoQuant suggests the recent rally may be heavily driven by leveraged derivatives rather than spot market demand, raising the risk of a near-term "deleveraging" correction.
-Institutional Floor: Despite price swings, spot Bitcoin ETFs continue to see net inflows, providing a strong structural support level around $72,000–$75,000.
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