Bitcoin (BTC) Price Prediction: BTC Sees Buying Power Dry up at $60k

Bitcoin Price Prediction – May 11, 2021
Since April 14, Bitcoin bulls have failed to sustain above the $60,000 overhead resistance. BTC/USD has been in a downward correction between $48,000 and $60,000. If buyers have broken the $60,000 psychological price level, Bitcoin would have resumed the second leg of an uptrend that would have seen BTC price reached the high of $70,000.

Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000

BTC/USD – Daily Chart

Bitcoin Price Prediction: BTC touches low of $55,102

Today, Bitcoin is in a downward move since May 10 after its rejection from the high of $59,589. The king coin has fallen to the low of $55,102 at the time of writing. Our bitcoin price prediction analysis shows the top crypto has lost the $58,000 crucial support level. This support level is where the market tends to resume upside momentum. In the previous price action on May 8, buyers reclaimed the $58,000 support level.

The bulls retested the $60,000 support resistance zone but could not sustain the bullish momentum above it. Today, if the bears succeed in breaking below the moving averages, the downtrend is likely to continue. Perhaps, Bitcoin will fall to the low of either $53,000 or $50,000. Buyers will attempt to defend these support levels as it will eventually sustain the range-bound move between the $50,000 and $60,000 price level.

Bitcoin (BTC) Indicator Reading
The 21-day and 50-day SMAs are sloping horizontally in May as buyers fail to break the $60,000 psychological price level. The crypto’s price has broken below the SMAs but has found support above the 21-day SMA. A break below the SMAs will mean further downward movement of the coin. Bitcoin is at level 47 of the Relative Strength Index period 14. It implies that BTC price is in the downtrend zone and capable of falling on the downside.

BTC/USD – 4 Hour Chart

Following the recent rejection, Bitcoin price fell to the low of $54,000 and pulled back. The candlesticks possess long tails pointing to the $54,000 support level. The long tails indicate that there is strong buying pressure at the current support.

Meanwhile, on May 10 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that Bitcoin will decline to 2.0 Fibonacci extension or the low of $53,504.20. From the price action, BTC price fell to $54,000 support and pulled back. The uptrend will resume as bulls bought the dips.

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Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.