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Bitcoin Price Prediction: After Touching $9,067, BTC/USD Bulls May Re-gather

Bitcoin (BTC) Price Prediction – May 1

The price of Bitcoin is seen trading nicely above the $8,727 and the coin must climb above the $9,000 resistance to continue higher.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $10,100, $10,300, $10,500

Support Levels: $7,100, $6,900, $6,700

BTCUSD – Daily Chart

BTC/USD bulls may slowly come back into action after a minor battering from the bears yesterday. If this happens, then the expectation of recovery could turn out to be true. Today, BTC/USD was seen trading at $8,557 after soaring to $9,067.89. The coin then pulled back to where it is trading currently at $8,727 and may continue to head upwards if the bulls maintaining the trend.

However, the market is deciding above the 9-day and 21-day moving averages, where the buyers and sellers are anticipating a clear breakout or breakdown. Meanwhile, the $8,900 and $9,000 levels may further surface as the key resistances should the $8,800 level come to play. However, a strong bullish spike may take the price to $10,100, $10,300, and $10,500 levels.

Moreover, if the market makes a quick turn to the south, the BTC/USD price may likely drop to $8,500, and should this support fails to contain the sell-off, traders may see a further roll back to $7,100, $6,900 and critically $6,700. The technical indicator RSI (14) suggests an upward movement for the coin as it stays within the overbought zone.

BTC/USD Medium-Term Trend: Bullish (4H Chart)

The 4-hour chart for BTC is still looking bullish, but the market has been showing a sign of weakness after some periods that the market opens today. However, the intraday trading is now looking bearish; following the recent downtrend to $8,656 which is now a key support level. The next key support levels are $7,800, $7,600, and $7,400.

BTCUSD – Daily Chart

However, considering the recent early rebound, the Bitcoin price may re-enter the bullish rally to $9,200 resistance. A climb above the mentioned resistance may further push BTC price to $9,600, $9,800, and $10,000 resistance levels. As it appeared now, it seems the bears may likely return into the market as the RSI (14) moves below 60-level which could trigger the downward direction.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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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.